InsideArbitrage Event Driven Monitor – May 5, 2026

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Merger Arbitrage

1. MDV: The acquisition of Modiv Industrial, Inc. (MDV) by Global Net Lease, Inc. (GNL) for a closing value of $535 million. Holders of Modiv common stock and operating partnership units 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, which is at a 16.97% premium from the stock’s last close. In January, Aaron Halfacre, CEO of Modiv, stated that the company is open to potential acquisition offers. (Press Release)
2. GBTG: The acquisition of Global Business Travel Group, Inc. (GBTG) by Long Lake Management for a closing value of $6.3 billion. Amex GBT shareholders will receive $9.50 per share in cash, representing a premium of 60.2% from the stock’s last close. (Press Release)
3. ASRT: Assertio Holdings (ASRT) announced that, on May 1, it amended the merger agreement, under which Garda has increased its offer to acquire all outstanding shares of Assertio to $21.8 per share in cash with no contingent value right (CVR). The revised offer follows engagement with multiple parties during the “window-shop” period, including the receipt of a Superior Proposal, after which the company negotiated in good faith with Garda.

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