InsideArbitrage Event Driven Monitor – July 29, 2025

Merger Arbitrage

1. DALN: DallasNews (DALN) announced that it reviewed and rejected the unsolicited, non-binding proposal of $16.50 per share in cash received from MNG Enterprises. On July 27, 2025, DallasNews and Hearst entered into an amendment to the Hearst Merger Agreement, which increased the per share purchase price to be paid by Hearst from $14 in cash to $15 in cash at the request of the Board. In addition, the Board adopted a shareholder rights plan, expiring on July 26, 2026.
2. SAGE: Supernus Pharmaceuticals (SUPN) announced that the required waiting period under the HSR Act expired on July 25, 2025. On June 25, 2025, and June 30, 2025, Supernus and Sage (SAGE), respectively, filed the Premerger Notification and Report Forms required under the HSR Act with the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice.
3. GTLS: FT reported that Baker Hughes (BKR) is nearing a $13.6 billion cash deal to buy Chart Industries (GTLS). The deal to buy Chart would displace an agreement the company made earlier this year with rival Flowserve (FLS) to combine in a $10.71 billion all-stock merger, which will be terminated.

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