DallasNews Rejects Alden Bid, Supports Hearst Merger

DallasNews Corporation has rejected a revised non-binding buyout proposal from MNG Enterprises, an affiliate of Alden Global Capital, which offered $18.50 per share, surpassing the $15 per share offer from Hearst. Despite the higher bid, the board, after consultation with legal and financial advisors, determined the Alden proposal was not a superior offer and unlikely to lead to a better proposal. Robert W. Decherd, controlling more than 96% of Series B voting power and over 50% combined voting power, reaffirmed his support for the Hearst merger, effectively blocking Alden's bid. The Hearst deal, providing a 242% premium over the July 9 closing price, remains the only practical transaction path and is strongly recommended by the DallasNews board. This decision highlights the significant impact of dual-class share structures on corporate acquisitions. The special shareholders meeting to vote on the Hearst merger is scheduled for September 23, 2025.