Modiv faces legal probe over fiduciary duty in deal with Global Net Lease.

Ademi LLP is investigating Modiv for potential breaches of fiduciary duty and other legal violations related to its transaction with Global Net Lease. The deal offers Modiv shareholders 1.975 shares of GNL stock or OP units per Modiv share, valuing Modiv at about $18.82 per share. Post-transaction, Global Net Lease shareholders will own roughly 89% of the combined company, while Modiv shareholders will hold about 11%. Concerns include substantial benefits to Modiv insiders and restrictive terms limiting competing bids. The investigation focuses on whether Modiv's board fulfilled its duties to shareholders.