Hearst increased its bid for DallasNews Corporation ( DALN ) once more as the deal heads to the conclusion of a shareholder vote Sept. 23.

On Monday, DallasNews Corporation ( DALN ) issued a news release stating Hearst upped its all-cash bid for the company from $15 per share to $16.50 per share, a “significant premium” of 276% from where the company’s stock traded in early July, when the deal was made public.

DallasNews Corporation ( DALN ) is the public parent company of The Dallas Morning News and Medium Giant, an integrated creative marketing agency, with offices in Dallas and Tulsa.

“With this best and final increase to our offer, we are clearly demonstrating our commitment to providing significant value to DallasNews ( DALN ) shareholders and further illustrating our belief that DallasNews ( DALN ) has a bright future as part of the Hearst family,” Jeff Johnson, president of Hearst Newspapers, said in a statement.

Hearst is a diverse media company with a portfolio of 28 daily newspapers, including the Houston Chronicle, San Antonio Express-News and Austin American-Statesman, and 50 weeklies.

In addition, Hearst owns 35 television stations and more than 200 magazines and has an ownership stake in cable networks A&E, HISTORY, Lifetime and ESPN ( DIS ). Outside of media, Hearst owns Fitch Group, a global financial services business; Hearst Transportation; and Hearst Health, a group of medical information and services businesses.

The shareholder voting window is already open.

John A. Beckert, chairman of the DallasNews Corporation ( DALN ) board, framed the decision for shareholders in a statement: “DallasNews shareholders have an important choice to make: either support this value creating transaction and realize a significant premium on their investment, or alternatively, DallasNews ( DALN ) will remain a public company and its shares may return to their pre-announcement trading value of approximately $4 per share.”

Monday was the second time in a month Hearst has increased its offer following an unsolicited bid by MNG Enterprises Inc., an affiliate of Alden Global Capital.

Hearst originally offered $14 per share. MediaNews Group has offered $18.50 per share.

Alden Global Capital’s MediaNews Group owns 77 daily newspapers and more than 150 weekly publications across the country, including the Chicago Tribune, The Denver Post, The Mercury News, The Virginian-Pilot and Boston Herald.

MediaNews Group’s bid has been firmly rebuffed by controlling shareholder Robert W. Decherd, a great-grandson of co-founder George Bannerman Dealey who holds the majority of voting power in the company. The DallasNews Corporation’s board of directors has directly stated that without Decherd, who controls 55% of the total voting power, Alden’s bid has no standing.

“Decherd has publicly and consistently stated that he will vote for the Hearst Merger based on Hearst’s reputation and historic commitment to journalistic integrity, delivering high-quality local news, and meeting its audiences’ information needs with excellence,” the statement from DallasNews Corporation ( DALN ) said.