InsideArbitrage Event Driven Monitor – May 9, 2025

Merger Arbitrage

1. HOFV: The acquisition of Hall of Fame Resort & Entertainment Company (HOFV) by Industrial Realty Group, LLC, for a closing value of $325.81 million. Under the terms of the agreement, HOFV Holdings, LLC, an investment vehicle affiliated with Industrial Realty Group, will acquire all outstanding shares of Hall of Fame’s common stock, not currently owned by Industrial Realty and its affiliates, for $0.90 per share in cash. (Press Release)
2. PHX: The acquisition of PHX Minerals Inc. (PHX) by WhiteHawk Energy, LLC, for a closing value of $187 million. Under the terms of the agreement, WhiteHawk will acquire PHX in an all-cash transaction that values PHX at $4.35 per share. (Press Release)
3. DADA: Dada Nexus (DADA) filed a proxy statement for its acquisition by JD Sunflower Investment Limited. The special meeting of shareholders will be held on June 10, 2025.

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