Adam Valentine

Adam Ballantyne

Booker Smith

- Independent proxy advisory firm Glass Lewis has recommended DallasNews shareholders vote **FOR** the pending merger with Hearst, which offers **$15.00 per share in cash**.  **[1413898_8554f3df6cec428dada17209982bb5e6_0]** 
- The **$15.00 per share** offer represents a **242% premium** over the **$4.39 closing price per share** of Series A Common Stock on July 9, 2025, and significantly exceeds J.P. Morgan's DCF analysis equity reference range of **$8.10 to $8.45 per share**.  **[1413898_8554f3df6cec428dada17209982bb5e6_0]** **[1413898_8554f3df6cec428dada17209982bb5e6_1]** 
- Glass Lewis believes the proposed terms approximate the maximum value available and cautioned that rejecting the agreement could lead to DallasNews shares reverting to pre-announcement levels.  **[1413898_8554f3df6cec428dada17209982bb5e6_0]** **[1413898_8554f3df6cec428dada17209982bb5e6_1]** 
- Shareholders must vote on or before **September 22, 2025**, at **10:59 p.m. CT**.  **[1413898_8554f3df6cec428dada17209982bb5e6_1]**

DallasNews (DALN)