Public Storage makes $11 billion unsolicited offer for Life Storage - WSJ

Under the terms of the proposed deal, Life Storage shareholders would receive 0.4192 share of Public Storage stock for each Life Storage share or unit, WSJ said. Public Storage first expressed interest in buying Life Storage, a real-estate investment trust, in a private communication in late December, the report said, adding that Life Storage rebuffed the bid.

Public Storage has made an $11 billion unsolicited offer for Life Storage Inc, the Wall Street Journal reported on Sunday.

The Glendale-based company sent a letter to Life Storage's management on Sunday detailing its all-stock proposal, valued at about $129 a share, the newspaper said citing people familiar with the matter. Under the terms of the proposed deal, Life Storage shareholders would receive 0.4192 share of Public Storage stock for each Life Storage share or unit, WSJ said.

Public Storage first expressed interest in buying Life Storage, a real-estate investment trust, in a private communication in late December, the report said, adding that Life Storage rebuffed the bid. Public Storage then followed up with an offer to buy the business last month, under the terms put forward on Sunday to which Life Storage replied that the offer isn't in the best interest of its shareholders, WSJ said.

Public Storage and Life Storage were not immediately available for a comment.

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