The proposed deal offers investors $61.20 per share, yet legal scrutiny has emerged regarding the transaction’s structure. Ademi LLP alleges that the merger agreement contains restrictive provisions that penalize the company for entertaining competing bids, effectively limiting the potential for a higher market valuation.

Beyond the valuation concerns, the investigation centers on the conduct of the LXP board of directors. Counsel is examining whether the change-of-control arrangements provide excessive payouts to insiders at the expense of general shareholders. The firm is currently soliciting feedback from investors to determine if the board breached its fiduciary obligations during the negotiation process.