Ademi LLP is investigating RPT Realty (NYSE: RPT) for possible breaches of fiduciary duty and other violations of law in its transaction with Kimco.
In the transaction, RPT Realty stockholders are expected to receive only 0.6049 of a newly-issued Kimco share for each RPT share they own, representing a total consideration of approximately $11.34 per RPT share based on Kimco’s closing share price on August 25, 2023. The transaction agreement unreasonably limits competing transactions for RPT Realty by imposing a significant penalty if RPT Realty accepts a competing bid. RPT Realty insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of RPT Realty’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.