DallasNews Rejects Alden Proposal, Increases Merger Consideration With Hearst

(RTTNews) - DallasNews Corp. (DALN), Monday announced its decision to reject the unsolicited, non-binding proposal received from MNG Enterprises, Inc., an affiliate of Alden Global Capital, to acquire all of the issued and outstanding shares of the company at a price of $16.50 per share in cash.

The holding company of The Dallas Morning News and Medium Giant added that the decision was made following consultation with its legal and financial advisors.

The strategic decision comes as the Board has increased the per share purchase price to $15/share in cash from $14/share with Hearst, an information, services and media company.

Moreover, the company has adopted a limited-duration Rights Plan in response to the Alden Proposal, intending to protect its interest.

In the pre-market hours, DALN is trading at $14.86, up 1.16 percent on the Nasdaq.