By Stuart Condie
SYDNEY--$Public Storage(PSA-N)$ and family-controlled Ki Corporation have proposed a US$1.17 billion all-cash takeover of Australia-listed self-storage chain Abacus Storage King.
Abacus Storage King on Monday said that a consortium of New York-listed Public Storage and privately held Ki has offered 1.47 Australian dollars, equivalent to 89 U.S. cents, a share.
That represents a 27% premium to the stock price prior to the start of Monday's session.
Abacus said the non-binding proposal was subject to conditions including opening its books, which it had not yet done. The consortium expects due diligence to take about six weeks, it said.
Ki has a near 60% stake in the company, including a direct interest of close to 40%. Ki and Public Storage would each hold 50% of the company post-takeover, Abacus said.
The proposal is fully funded and allows shareholders to cash in on a stock that has underperformed since the company's demerger from Abacus Property Group, Ki said.
"The demerger of 2023 has failed to deliver the promised value for security holders," Ki CEO Sir Bradley Fried said.
The stock was last up 7.7% to A$1.265.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
April 06, 2025 20:30 ET (00:30 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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