Life Storage gains on report of Extra Space deal

Life Storage

03/04/2023 11:08

** Life Storage Inc's  LSI.N  shares up 5.3% at $138, over
7-month high, premarket on report co to merge with larger rival
Extra Space Storage Inc  EXR.N 
    ** LSI shareholders to receive 0.8950 of an EXR share for
each share they own, or $145.82, in $12.7 bln deal, the WSJ
reports
    ** Offer price is 11.2% above LSI's close price on Fri,
which values co at ~$11.2 bln, per Refinitiv
    ** EXR has $22 bln market cap as of Fri
    ** LSI's shares closed at $123.88, a day before Bloomberg
News reported EXR was weighing an offer for the co
    ** In Feb, LSI rejected an $11 bln hostile bid by Public
Storage  PSA.N 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))