NEW YORK (TheStreet) -- Tribune Publishing (TPUB) stock is advancing 13.35% to $12.53 on heavy trading volume on Monday afternoon as Gannett (GCI) is not ready to let go of its plans to acquire the newspaper publisher, sources told CNBC.

Shares of Gannett are up 0.92% to $15.34 this afternoon.

Tribune, the company behind the Chicago Tribune and Los Angeles Times, rejected Gannett's second takeover proposal that valued the company at $864 million.

Earlier today, Tribune Chairman Michael Ferro said on CNBC's "Squawk Box" that the company is "far more valuable than what [Gannett is] offering," CNBC reports.

More than 40% of Tribune shareholders withheld votes for Ferro and the rest of the company's board slate, indicating that there may be more support for a deal with Gannett among shareholders, according to the Wall Street Journal.

Last month, Gannett insisted Tribune shareholders should withhold votes for the slate if they supported the latest offer from the media company.

So far today, 1.6 million shares of Tribune Publishing have been traded, compared with its average daily volume 421,986 shares.

Separately, Tribune Publishing has a "hold" rating and a letter grade of C- at TheStreet Ratings because of the company's generally strong cash flow from operations, which offsets deteriorating net income, disappointing return on equity and poor profit margins.

You can view the full analysis from the report here: TPUB

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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