Australia's Abacus Storage King rises on sweetened buyout bid

Abacus Storage King

14/07/2025 02:17

** Abacus Storage King ASK.AX rises 4.1% to A$1.535; on track for best day since April 7

** Co receives sweetened buyout bid from a consortium of Ki Corporation and U.S.-listed Public Storage PSA.N at A$1.65/share, up from A$1.47 offered earlier

** However, Citi says further revised offer above net tangible assets per share may be necessary to convince minority shareholders to agree to the deal

** Stock rated "buy" on avg; median PT is A$1.55, per data compiled by LSEG

** ASK gains 37.3% YTD

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)

 ((JasmeenAraIslam.Shaikh@thomsonreuters.com;))