Life Storage Rejects Public Storage's Takeover Offer
February 16 2023 - 5:35PM
Dow Jones News
By Sabela Ojea
Life Storage Inc. said Thursday that its board of directors has
rejected a takeover offer from competitor Public Storage.
The owner and operator of self-storage properties said its board
considered that the unsolicted offer submitted by Public Storage on
Feb. 5 "significantly undervalues" its growth potential.
Public Storage's takeover proposal had an implied value of about
$126.14 per share or unit, or an equity value of around $11 billion
as of Wednesday's market close, it noted.
"The board believes Life Storage will deliver greater
risk-adjusted total shareholder returns as a standalone company
than through the proposed transaction," Non-Executive Chairman Mark
G. Barberio said.
Life Storage's share price fell 0.45% to $299.56 in regular U.S.
trading on Thursday.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 16, 2023 17:20 ET (22:20 GMT)
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