DallasNews Board reiterates recommendation to vote for Hearst merger

DallasNews’ Board of Directors, following consultation with the company’s legal and financial advisors, has reviewed and rejected the revised, non-binding proposal received on September 16 from MNG Enterprises, an affiliate of Alden Global, to acquire all of the issued and outstanding shares of the company’s common stock at $20.00 per share in cash, and has reaffirmed the recommendation that shareholders vote for approval of the Hearst Merger Agreement. On July 9, DallasNews (DALN)entered into a definitive agreement with information, services and media company Hearst, which has agreed to acquire all of the issued and outstanding shares of the company’s common stock at a price of $16.50 per share in cash, representing a premium of 276%. Chairman of the Board John Beckert stated “the Board reiterates our support for the Hearst Merger and the significant and certain all-cash premium it offers to shareholders. We encourage all DallasNews shareholders to accept this best and final offer from Hearst and vote FOR this value creating proposal. Otherwise, DallasNews will remain a public company and its shares may return to their pre-announcement trading value of approximately $4 per share.” The Board also received a communication from its largest shareholder, Robert W. Decherd, stating his favorable view of the Hearst merger.