Latest news with #AbacusStorageKing
West Australian
3 days ago
- Business
- West Australian
Storage giant Abacus Storage King gets $2.17b sweetened offer from Ki Corporation, Public Storage
Shares in Abacus Storage King closed higher on Monday after the self-storage giant received a sweetened $2.17 billion takeover offer from a consortium led by South African tycoon Nathan Kirsh. Mr Kirsh — who already holds a 59 per cent stake in the real estate investment trust through his family office Ki Corporation — and New York-listed Public Storage first lobbed a proposal in April, valuing the target at $1.93b. But the $1.47-a-share bid was rejected the following month, with Abacus Storage King saying it undervalued the company. At the time, the buyout partners said they were offering certainty, liquidity and an attractive premium to minority security holders and were uniquely positioned to deliver compelling value and the best long-term outcome for employees, customers and additional stakeholders. Abacus Storage King on Monday said the consortium had now come back with an improved offer priced at $1.65 a share — a 15 per cent increase on the original bid. However, this was still almost 5 per cent lower than a previous independent valuation review that showed its portfolio of about 200 self-storage spaces was worth $1.73 a share. The sweetened bid sent shares in Abacus Storage King up almost 6 per cent to $1.562. The business owns and manages 206 self-storage spaces across Australia and New Zealand, making it one of the industry's biggest players. Its network includes 68 sites in NSW, 44 in Queensland, 42 in Victoria and 17 in WA. It has 24 sites in NZ. The Kirsh-led consortium's offer comes as Abacus Storage King's local rival National Storage recently upped its stake in the takeover target to 9.51 per cent — a strategic move that appears designed to block the proposal. National Storage first acquired a 4.78 per cent stake in April. Abacus Storage King on Monday said the independent board committee had considered the revised proposal together with its adviser, Macquarie, and intends to provide a six-week period of due diligence to the consortium. The revised offer is subject to a number of conditions, including regulatory approvals from the Foreign Investment Review Board and the New Zealand Overseas Investment Office. 'At present there is no certainty that the parties will be able to agree terms to implement the revised proposal or that, even if terms are agreed, the conditions to the revised proposal will be satisfied or waived,' Abacus Storage King said. Analysts at Citi said while the new offer was stronger than the previous one, 'there remains risk on execution from acceptance of minority shareholders'. 'In our view, a further revised offer above NTA per share may be necessary to convince minority shareholders to agree to the deal with anticipated cap rate compression and compelling Australian self-storage fundamentals,' they said.
Business Insider
3 days ago
- 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
4 days ago
- 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
4 days ago
- 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
4 days ago
- 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
