Just hours after major local TV operator Sinclair revealed that it was seeking to buy smaller rival E.W. Scripps, Scripps fired back Monday afternoon, reports Deadline. The company said its “board will take all steps appropriate to protect the company and the company’s shareholders from the opportunistic actions of Sinclair or anyone else.”

“Scripps’ board of directors and management are focused on driving value for all of the company’s shareholders through the continued execution of its strategic plan. The board and management are aligned on doing only what is in the best interest of all of the company’s shareholders as well as its employees and the many communities and audiences it serves across the United States,” Scripps said in a statement via Deadline. “The company’s board has and will continue to evaluate any transactions and other alternatives that would enhance the value of the company and would be in the best interest of all company shareholders.”

Earlier Monday, Sinclair said that it had for several months held “constructive” merger talks with Scripps, though according to Deadline, the discussions ended with no transaction agreement. The company also revealed in the filing that it had built up an 8.2% stake in its smaller rival.

Per Deadline, in reaction to Sinclair’s purchase of 6.275 million Class A shares, Scripps stock rocketed 40% on Monday, piggybacking on Sinclair’s belief that a deal can be completed in nine to 12 months. Sinclair also advocated for the tie-up by noting that the deal could result in $300 million in operational synergies, as well as reduced leverage and greater competitiveness due to the scale of the combined company.

The news comes off the heels of the nation’s largest station operator, Nexstar, inking a deal in August that would see it acquire broadcaster Tegna for $6.2 billion. Behind Sinclair and Nexstar, Scripps is the third largest operator of ABC affiliates, according to Deadline.

Beyond Scripps’ current opposition to the merger, the potential deal will face several political hurdles that could ultimately sink it. Notably, current rules under the FCC regulatory body disallow ownership of stations that reach more than 39% of U.S. households, which would impact the proposed deal, though President Donald Trump’s head of the agency, Brendan Carr, has signaled a willingness to lift that cap.

Regardless, several critics of lifting the cap have said that the rule change would require approval by Congress, with the lone Democrat on the FCC saying that the commission does not have the authority to change the rule unilaterally.