India, May 4 -- Global Net Lease, Inc. (GNL), a real estate investment trust, and Modiv Industrial, Inc. (MDV), an internally managed REIT, on Monday announced their definitive merger agreement for GNL to acquire Modiv in an all-stock deal with an enterprise value of around $535 million.
In pre market activity on the NYSE, GNL shares were losing 5.41 percent, trading at $9.05, while shares of Modiv were gaining 10.04 percent, at $17.70.
In the deal, each Modiv common stockholder and Operating Partnership unitholder will receive 1.975 newly issued GNL shares or OP units at closing. The total consideration would be about $18.82 per Modiv share based on GNL's May 1 closing price, the last trading day prior to the announcement.
The transacti...