Alden Global Capital’s firm, MNG Enterprises, has
upped its offer for The Dallas Morning News.
MNG is now offering $17.50 per share, $1 more than its original offer of $16.50 and $2.50 more than Hearst’s most recent bid of $15
per share, the company says in a letter to the DallasNews Corp. board of directors dated Monday.
DallasNews Corp., owner of the Morning News, had already accepted an offer
from Hearst.
“We are perplexed by your refusal to have a single discussion with us in the weeks since our Original Proposal was submitted. Both our
Original Proposal and Enhanced Proposal offer substantially more economic value to your shareholders, and – unlike Hearst – we are offering to continue publishing the beloved print edition
of The Dallas Morning News."
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Robert W. Decherd, who owns a majority of the voting power of DallasNews common stock, has agreed to vote for the Hearst merger, and
he has stated that there is “no scenario” in which he will approve a sale to Alden or its affiliates.
His support is deemed necessary to obtain shareholder approval.
However, MNG contends that, “despite your assertions to the contrary, Robert Decherd’s opposition to the Original Proposal does not prevent you from engaging with
us.”
MNG argues that its enhanced proposal is “better for DallasNews’ shareholders and the readers of The Dallas Morning
News alike."
Critics have accused Alden Global Capital of harming newsrooms by cutting their staff.
DallasNews Corp. had not responded to the proposal
at deadline.