DallasNews rejects Alden’s revised bid

* DallasNews (NASDAQ:DALN [https://seekingalpha.com/symbol/DALN]), parent of _The Dallas Morning News_ and Medium Giant, said its board of directors has rejected [https://seekingalpha.com/pr/20212845-dallasnews-rejects-revised-non-binding-proposal-from-affiliate-of-alden-global-capital]a revised, non-binding takeover bid from MNG Enterprises, an affiliate of Alden Global Capital, to acquire all outstanding shares for $18.50 per share in cash.
* "Consistent with its fiduciary duties, the board carefully reviewed the revised Alden proposal with the company's legal and financial advisors and determined the modified proposal is not a superior proposal and not reasonably likely to lead to a superior proposal," the company said.
* MNG’s latest proposal, delivered on August 19, marked its third increase, up from $17.50 and an initial $16.50 per share offer.
* The decision follows DallasNews’s earlier rejection of MNG’s original bid late last month. The company has already entered into a definitive agreement with Hearst, which recently raised its own offer for DallasNews to $15 per share from $14.
* DALN +2.9% premarket.

MORE ON DALLASNEWS

* DallasNews gains as MNG increases offer to $18.50 a share [https://seekingalpha.com/news/4486962-dallasnews-gains-as-mng-increases-offer-to-18_50-a-share]
* DallasNews rejects unsolicited offer from MNG Enterprises [https://seekingalpha.com/news/4472697-dallasnews-rejects-unsolicited-offer-from-mng-enterprises]
* Financial information for DallasNews [https://seekingalpha.com/symbol/DALN/income-statement]