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Tribune Publishing surges; Gannett not ready to drop bid, sources say

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Shares of Tribune Publishing rose nearly 18 percent Monday after sources told CNBC that Gannett was not ready to drop its acquisition bid for the Chicago-based firm.

Gannett, the publisher of USA Today, made public an $815 million takeover bid for Tribune, which publishes the Los Angeles Times and the Chicago Tribune. Gannett's stock was up just 0.92 percent Monday.

Tribune said May 5 it has rejected Gannett's offer.

In an interview with CNBC's "Squawk Box," Tribune Chairman Michael Ferro said he thinks the company has assets that are "far more valuable than what [Gannet is] offering."

Tribune's shares have advanced more than 41 percent year to date and nearly 22 percent over the past six months.

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