Ademi LLP is investigating Modiv (NYSE: MDV) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Global Net Lease.
Modiv stockholders will receive 1.975 newly-issued shares of GNL common stock or OP units for each share of Modiv common stock or OP unit they hold at the closing of the transaction, representing a total consideration of approximately $18.82 per Modiv share based on GNL’s closing share price as of May 1, 2026. Upon the closing of the transaction, existing GNL stockholders are expected to own approximately 89% of the combined company and Modiv stockholders are expected to own approximately 11%.
Modiv insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Modiv by imposing a significant penalty if Modiv accepts a competing bid. We are investigating the conduct of the Modiv board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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