DallasNews holders should vote in favor of Hearst deal, ISS says

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DallasNews (NASDAQ:DALN [https://seekingalpha.com/symbol/DALN]) holders should vote in favor of its $15/share sale to Hearst, proxy advisory firm ISS says.

“Given the premium to the unaffected price, the downside risk in the event of non-approval, and the cash form of consideration, which provides liquidity and certainty of value to DALN shareholders, support for the transaction is warranted," ISS said in its recommendation. [https://seekingalpha.com/pr/20225567-independent-proxy-advisor-iss-recommends-shareholders-vote-for-dallasnews-merger-with-hearst]

The recommendation comes after MNG Enterprises, an affiliate of Alden Global Capital, increased its takeover offer to $18.50 a share, which was rejected by DallasNews. [https://seekingalpha.com/news/4489558-dallasnews-rejects-aldens-revised-bid]Proxy adviser Glass Lewis has also recommended DallasNews holders vote in favor of the deal with Hearst.

The shareholder vote is scheduled for Sept. 23.

MORE ON DALLASNEWS

* DallasNews rejects Alden’s revised bid [https://seekingalpha.com/news/4489558-dallasnews-rejects-aldens-revised-bid]
* 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]
* Financial information for DallasNews [https://seekingalpha.com/symbol/DALN/income-statement]