Acquisition talks for Media General reportedly ran into a stumbling block when the company rejected a bid of $16.31 per share from Nexstar.

TVNewsCheck reports that Nexstar CEO Perry Sook said the negotiations have reached an impasse. Nexstar declared its intentions in September with an offer of $14.50 a share.

Media General is reportedly asking $18.61.

“Analyst Marci Ryvicker says it’s likely not an impasse, simply a public negotiation, and the parties will settle somewhere between the current bid and ask,” TVNewsCheck reports.

The report adds: “The current Nexstar proposal represents a premium of 46.3% over Media General’s closing stock price on Sept. 25, the last trading day prior to Nexstar’s initial offer being made public.”