Latest news with #Kirsh
West Australian
5 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.
Eyewitness News
18-05-2025
- Business
- Eyewitness News
Primedia CEO pays tribute to Issie Kirsh
Commenting on Kirsh's passing, Primedia CEO Jonathan Procter has paid tribute to his legacy: "By launching 702 in 1980, Issie Kirsh pioneered independent radio in South Africa. 702 was more than just a radio station saying; it was also an independent platform for a diversity of voices, with its independent Eyewitness News Service reflecting all opinions in the South African debate at a time in the country's history when alternative voices were heavily censored or banned outright.' 'Issie Kirsh was an entrepreneur who saw an opportunity to create 702. At the time, it was the only independent commercial radio station in what is now Gauteng. 702 started as a music radio station that broke the mould: it was fun, popular, and a huge commercial success,' said Procter. 'When the SABC poached 702's on-air talent and moved their Top 40 station to FM, Kirsh changed 702 into the talk radio station it is today. Its enormous success was the foundation on which Primedia was built.' Issie Kirsh, together with his son William, founded Primedia, one of South Africa's largest media companies. Under Kirsh's leadership, Primedia expanded its reach and influence, investing in a diverse array of media companies. Commenting on Kirsh's legacy, Primedia CEO Jonathan Procter said, '702 was a pioneer in its day, launched as the 'Rainbow of Sound', it was aimed at all South Africans in a deeply divided country. 702, thanks to Issie, was ahead of its time. 702 today, remains in service of its audience and is a radio station for South Africans of all backgrounds. We owe the Issie and the Kirsh family a huge debt of gratitude for supporting independent news media. It is even more important today with the endless onslaught of vested interests and unverified news on independent journalism, which is a cornerstone of any successful democracy.' 'Issie Kirsh was deeply motivated by serving his audience. In the initial stages of 702, he opened a walk-in crisis centre in Hillbrow and a Help Line for its listeners. 702 continues with Issie's legacy, encouraging its listeners to join the station in walking the talk to make a positive and constructive difference.' 'Issie's legacy of serving the community and making a difference in society continues today through the various Primedia companies, and is spearheaded by our 'Primedia Cares' initiative,' commented Procter. 'Our company and country are richer for Issie's contribution and the conversations that he enabled; we share our heartfelt condolences with his family and friends,' concluded Procter.
AU Financial Review
28-04-2025
- Business
- AU Financial Review
South African billionaire in $1.9b play for Abacus Storage King
South African tycoon Nathan Kirsh has joined forces with New York-listed Public Storage in a takeover offer for Abacus Storage King that values the ASX-listed self-storage operator at around $1.93 billion. Through his family office Ki Corporation, Kirsh already controls 59.47 per cent of the register of Abacus Storage King – known by its ticker as ASK. That stake is both directly and indirectly, through Kirsh's substantial interest in Abacus Group, which manages ASK and retains a shareholding in it.
Bloomberg
08-04-2025
- Business
- Bloomberg
Billionaires Seek to Take Companies Private Amid Market Mayhem
For some of the world's wealthiest people, the bedlam in global markets has added greater urgency to take major portfolio companies private. As stock markets sank everywhere Monday, South Africa-born billionaire Natie Kirsh's investment company announced it had teamed up with US-listed Public Storage on a take-private deal for Abacus Storage King. Kirsh is the biggest shareholder in the Australian self-storage group, which the offer values at about A$1.9 billion ($1.1 billion). The 93-year-old businessman had a fortune estimated at $9.2 billion as of Monday, the Bloomberg Billionaires Index shows.
