Latest news with #PublicStorage
Reuters
2 days ago
- Business
- Reuters
Australia's Abacus Storage King opens books for $1.41 billion takeover bid
July 21 (Reuters) - Abacus Storage King ( opens new tab has granted the consortium comprising Ki Corporation and Public Storage (PSA.N), opens new tab access to examine the company's books and records for six weeks to evaluate its A$2.17 billion ($1.41 billion) binding acquisition proposal. The consortium earlier in this month raised its bid to A$1.65 per share for the Australian self-storage firm. Abacus Storage in May rejected the group's earlier offer, citing risks surrounding valuation, timing and deal completion. Businessman Nathan Kirsh's family office Ki Corp directly and indirectly controls 59.39% of Abacus Storage. If a deal goes through, Ki Corp and Public Storage would own 50% each in the firm. At present there is no certainty that the parties will be able to agree terms to implement the revised proposal, Abacus Storage King said. ($1 = 1.5375 Australian dollars)
Business Insider
14-07-2025
- Business
- Business Insider
Public Storage, Ki Corporation revised NBIO to acquire Abacus Storage
Ki Corporation and Public Storage (PSA) announced a revised non-binding indicative offer, NBIO, to acquire Abacus Storage King for cash consideration of A$1.65 per stapled security. The Consortium and Abacus Storage King have agreed to proceed with due diligence based on the revised terms. 'We are excited to take the next step towards this potential combination with Abacus Storage King in partnership with Ki Corporation,' said Joe Russell, Public Storage's Chief Executive Officer. 'Public Storage has proven success internationally, and we are excited by the prospect of sharing our expertise and wide-ranging competitive advantages with Abacus Storage King in the rapidly growing Australian self-storage market. We are confident this transaction would be a compelling outcome for Abacus Storage King and Public Storage's stakeholders.' Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with , delivered to your inbox every week.
Reuters
14-07-2025
- Business
- Reuters
Australia's Abacus Storage King gets $1.43 billion sweetened offer, shares jump
July 14 (Reuters) - Australian self-storage company Abacus Storage King ( opens new tab said on Monday it had received a sweetened A$2.17 billion ($1.43 billion) takeover offer from a consortium of Ki Corp and Public Storage (PSA.N), opens new tab, sending its shares more than 7% higher. The new offer price of A$1.65 per share represents a premium of 11.9% to the stock's last close. The earlier offer of A$1.47 per share made in mid-May had valued the company at A$1.93 billion. Shares of the Sydney-based company climbed as much as 7.1% to A$1.580, their highest level since June 23, while the broader benchmark index (.AXJO), opens new tab was largely unchanged, as of 0130 GMT. Abacus Storage's independent board committee said it would grant the consortium six weeks for due diligence to see if a binding deal could be agreed. The consortium consists of South African billionaire Nathan Kirsh's family office, Ki Corp, and U.S.-listed Public Storage (PSA.N), opens new tab. "A further revised offer above net tangible assets per share may be necessary to convince minority shareholders to agree to the deal," analysts at Citi said in a note. Net tangible assets represent the value of a company's physical assets minus liabilities. "There is no certainty that the parties will be able to agree terms to implement the revised proposal," Abacus said in a statement. ($1 = 1.5223 Australian dollars)
Yahoo
14-07-2025
- Business
- Yahoo
Ki Corporation and Public Storage Update Offer to Acquire Abacus Storage King
Abacus Storage King and the Consortium agree to proceed with due diligence GLENDALE, Calif., July 13, 2025--(BUSINESS WIRE)--Ki Corporation and Public Storage (NYSE:PSA) (together, the "Consortium") announced today a revised non-binding indicative offer (NBIO) to acquire Abacus Storage King (ASX:ASK) for cash consideration of A$1.65 per stapled security. The Consortium and Abacus Storage King have agreed to proceed with due diligence based on the revised terms. "We are excited to take the next step towards this potential combination with Abacus Storage King in partnership with Ki Corporation," said Joe Russell, Public Storage's Chief Executive Officer. "Public Storage has proven success internationally, and we are excited by the prospect of sharing our expertise and wide-ranging competitive advantages with Abacus Storage King in the rapidly growing Australian self-storage market. We are confident this transaction would be a compelling outcome for Abacus Storage King and Public Storage's stakeholders." The revised NBIO is non-binding and subject to several conditions, including due diligence. Ki Corporation and Public Storage's discussions with Abacus Storage King are preliminary in nature and any transaction would be subject to processes for acquisition of widely held entities under Australian law, including securityholder approval. There is no assurance the parties will reach a definitive agreement or consummate a transaction or that if such an agreement is reached, it will be on terms similar to those set forth herein. Public Storage does not intend to provide additional or ongoing disclosure regarding these discussions prior to any execution of a definitive agreement and expressly disclaims any obligation to update this information, except as required by law. About Public Storage Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2025, we: (i) owned and/or operated 3,399 self-storage facilities located in 40 states with approximately 247 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels:SHUR), which owned 318 self-storage facilities located in seven Western European nations with approximately 18 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words "expects," "believes," "intends," "anticipates," "should," "would," "opportunity," "proposed," "potential," "estimates" and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, "Risk Factors" in Public Storage's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 24, 2025 and in its other filings with the SEC. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements. View source version on Contacts Ryan Burke(818) 244-8080, Ext. 1141
Associated Press
14-07-2025
- Business
- Associated Press
Ki Corporation and Public Storage Update Offer to Acquire Abacus Storage King
GLENDALE, Calif.--(BUSINESS WIRE)--Jul 13, 2025-- Ki Corporation and Public Storage (NYSE:PSA) (together, the 'Consortium') announced today a revised non-binding indicative offer (NBIO) to acquire Abacus Storage King (ASX:ASK) for cash consideration of A$1.65 per stapled security. The Consortium and Abacus Storage King have agreed to proceed with due diligence based on the revised terms. 'We are excited to take the next step towards this potential combination with Abacus Storage King in partnership with Ki Corporation,' said Joe Russell, Public Storage's Chief Executive Officer. 'Public Storage has proven success internationally, and we are excited by the prospect of sharing our expertise and wide-ranging competitive advantages with Abacus Storage King in the rapidly growing Australian self-storage market. We are confident this transaction would be a compelling outcome for Abacus Storage King and Public Storage's stakeholders.' The revised NBIO is non-binding and subject to several conditions, including due diligence. Ki Corporation and Public Storage's discussions with Abacus Storage King are preliminary in nature and any transaction would be subject to processes for acquisition of widely held entities under Australian law, including securityholder approval. There is no assurance the parties will reach a definitive agreement or consummate a transaction or that if such an agreement is reached, it will be on terms similar to those set forth herein. Public Storage does not intend to provide additional or ongoing disclosure regarding these discussions prior to any execution of a definitive agreement and expressly disclaims any obligation to update this information, except as required by law. About Public Storage Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2025, we: (i) owned and/or operated 3,399 self-storage facilities located in 40 states with approximately 247 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels:SHUR), which owned 318 self-storage facilities located in seven Western European nations with approximately 18 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words 'expects,' 'believes,' 'intends,' 'anticipates,' 'should,' 'would,' 'opportunity,' 'proposed,' 'potential,' 'estimates' and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, 'Risk Factors' in Public Storage's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the 'SEC') on February 24, 2025 and in its other filings with the SEC. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements. View source version on CONTACT: Ryan Burke (818) 244-8080, Ext. 1141 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY SOURCE: Public Storage Copyright Business Wire 2025. PUB: 07/13/2025 06:58 PM/DISC: 07/13/2025 06:58 PM
