Australia's Abacus Storage King gains on $1.2 bln takeover offer

Abacus Storage King

07/04/2025 02:11

** Abacus Storage King ASK.AX jumps 11.6% to A$1.295, highest since October 10, 2024

** Self-storage facilities provider gets takeover offer from a consortium of Ki Corporation and Public Storage PSA.N, valuing co at A$1.93 bln ($1.2 bln)

** Citi says PSA's entry into Australia's market may raise competitiveness in sub-sector, potentially brining in more money for expansion and development

** Around 2 mln shares traded, ~3x the 30-day avg

** Stock up 3.1% this year, as of last close

($1 = A$1.6686)

 (Reporting by Sherin Sunny in Bengaluru)

 ((Sherin.Sunny@thomsonreuters.com;))