Australia's Abacus Storage King rises on rejecting takeover bid

Abacus Storage King

13/05/2025 06:21

Updates

** Abacus Storage King ASK.AX rises as much as 3% to A$1.545; marks biggest intraday pct gain since April 7

** Rental storage units provider rejects A$1.93 bln ($1.23 billion) takeover offer from consortium of Ki Corp and U.S.-based Public Storage PSA.N

** Says offer did not reflect "compelling value", despite being 26.7% above closing on April 4 before deal was announced

** Citi says the risk of execution of the deal has likely increased as bid-offer spread of the deal has increased, presenting potential for a revised deal or potential deal cancellation

** Citi expect the consortium would be considering presenting a higher offer or restructured offer

** ASK last up 1%, takes YTD gains to 34.2%

($1 = A$1.5669)

 (Reporting by Kumar Tanishk and Nikita Maria Jino in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))