Public Storage makes $11 billion offer for Life Storage

"We would have preferred to work privately with you to reach an agreement for the benefit of our respective shareholders, but given your refusal to engage meaningfully, we believe making our proposal public is now the most constructive approach," Public Storage said in the letter.


Reuters | Updated: 06-02-2023 05:14 IST | Created: 06-02-2023 05:14 IST
Public Storage makes $11 billion offer for Life Storage

Public Storage said on Sunday it made an $11 billion offer to acquire all of the outstanding shares and units of Life Storage Inc.

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, which represents a 19% premium, according to Public Storage. The offer made in a letter to Life Storage's management would not be the first time the Glendale-based company has expressed interest.

Life Storage denied Public Storage's offer under similar terms in January, saying that the offer is not in the best interests of its shareholders and said it was "not for sale" when Public Storage first expressed interest in December. "We would have preferred to work privately with you to reach an agreement for the benefit of our respective shareholders, but given your refusal to engage meaningfully, we believe making our proposal public is now the most constructive approach," Public Storage said in the letter.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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