InsideArbitrage Event Driven Monitor – May 16, 2024

Merger Arbitrage

1. HMNF: The acquisition of HMN Financial (HMNF) by Alerus (ALRS), for a closing value of $116.4 million. Under the terms of the agreement, stockholders of HMN Financial will receive 1.25 shares of Alerus common stock for each share of HMN common stock they own, which represents a value of $25.86 per share.
2. TAST: Shareholders of Carrols Restaurant Group (TAST) approved the company’s merger with Restaurant Brands International (QSR) at a special meeting of shareholders held on May 14, 2024.
3. MODN: Model N Inc. (MODN) filed a definitive proxy statement. The special meeting of shareholders will be held on June 25, 2024.

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