Alden Global raises bid for DallasNews, topping Hearst

Catch up quick: Hearst in July announced an agreement to buy DallasNews for $14 per share. Alden subsequently submitted an unsolicited, nonbinding $16.50-per-share bid, via its MediaNews Group subsidiary.

• DallasNews stuck with Hearst, which yesterday increased its own bid to $16.50 per share.
• Alden now has come back over the top, with a 21% premium to Hearst's latest offer and a 356% premium to where DallasNews shares traded before Hearst's initial bid. It would value DallasNews at around $95 million.

What they're saying: In a letter to the DallasNews board, MediaNews Group writes: "As the largest private newspaper company in the United States, we understand the unique role of The Dallas Morning News in North Texas, and we remain committed to maintaining the print edition and protecting the paper's editorial freedom so this iconic institution continues to serve its community with independence and integrity."

The bottom line: Alden has a rough reputation in media circles, which perhaps is why DallasNews so far hasn't agreed to engage.

• At this price, however, it might no longer have that luxury.