Don’t underestimate the pride of an ailing company. After signing a memorandum of understanding in late December to “consider” a merger with Honda, a source told Reuters that Nissan is backing out of the discussion.

Nissan Motor Co.’s shares climbed after a report said Hon Hai Precision Industry Co. was making another pass at the flailing carmaker as its tie-up with Honda Motor Co. falls apart.

According to the report, Foxconn had expressed interest in acquiring Nissan in December, despite the then-active merger talks with Honda. Nissan had reportedly rejected the bid, but it seems that the company is still considering a collaboration with the iPhone maker.