Nissan Motor Co. is poised to reject a takeover offer from Honda Motor Co, Bloomberg said, citing people familiar with the matter.

Nissan plans to hold a board meeting as soon as Wednesday afternoon, when it may vote down Honda's offer to buy a stake in Nissan and make it a subsidiary, the people familiar with the matter said.

But the people also said the board's final decision may still be subject to change as some senior Nissan officials support Honda's offer.

The news comes after Honda sought Nissan's willingness regarding its proposal to acquire Nissan's shares and turn it into a subsidiary.

The initial plan of the two companies was to set up a joint shareholding company under which both Honda and Nissan would come under.