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.