Haynes Boone advised DallasNews Corporation (NASDAQ: DALN), parent company of The Dallas Morning News and Medium Giant, in the successful completion of its take-private sale to Hearst, one of the nation’s largest information, services and media companies.
The transaction, valued at approximately $88.3 million, closed following a definitive merger agreement announced in July and an overwhelming shareholder vote of approval on Sept. 23. Under the terms of the agreement, Hearst acquired all outstanding shares of DallasNews common stock for $16.50 per share in an all-cash transaction. DallasNews has ceased trading as a public company.
Haynes Boone acted as legal counsel to DallasNews throughout the process, including in its response to the attempt by an affiliate of Alden Global Capital to buy DallasNews by making an unsolicited competing proposal, following the announcement of the transaction with Hearst. Despite Alden’s efforts, which included increasing its proposal multiple times, the Hearst transaction was completed.
“It’s been a privilege to support DallasNews in a deal that honors its legacy and positions the organization for continued excellence in journalism as well as strategic growth,” said Haynes Boone M&A Partner Jennifer Wisinski, who led the deal team with Partner Rosebud Nau.
The Haynes Boone deal team also included:
- Mergers and Acquisitions Associates Joshua Reisman, Taylor West, Alexandria Pencsak and Ethan Moore
- Securities and Shareholder Litigation Partner Brad Foster
- Tax Partner Don Shiman, Counsel Danielle Marr and Associate Annie Lawson
- Employee Benefits and Compensation Partner Susan Wetzel
- Labor and Employment Partner Raquel Alvarenga and Associate Sean Lewis
- Real Estate Partner Keenan Kolendo and Associate Haley King Wentworth
- Intellectual Property Partner Gavin George and Associate Braden Davies
- Environmental Partner Mary Mendoza and Counsel Victor K. Salazar
Haynes Boone’s M&A Practice Group has comprehensive deal experience, having helped clients close more than 500 transactions in the last five years, with an aggregate value exceeding $50 billion. The firm routinely represents private equity firms, closely held corporations, founders, large financial institutions and Fortune 500 public companies.
