InsideArbitrage Event Driven Monitor – September 10, 2025

Merger Arbitrage

1. HOFV: Hall of Fame Resort & Entertainment (HOFV) announced it received a Notice of Intent to Terminate Merger Agreement and Non-Extension of Note & Security Agreement from Industrial Realty Group. IRG provided notice to terminate the Merger Agreement due to the company’s failure to perform its obligations as it did not obtain consents from the third parties, including all holders of 8% Convertible Notes due 2025 issued July 1, 2020.
2. BRFS: BRF (BRFS) announced that the merger is expected to close on September 22, 2025.
3. DALN: DallasNews (DALN) announced that Institutional Shareholder Services (ISS) has recommended shareholders vote FOR the pending merger with Hearst.

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