Life Storage jumps on takeover bid from Public Storage

Life Storage

06/02/2023 12:06

** Shares of Life Storage Inc  LSI.N  up 10.3% at $121.90
premarket
    ** Public Storage  PSA.N , the largest U.S. operator of
self-storage properties, on Sunday unveiled an $11 billion
hostile bid for Life Storage
    ** Under the proposed all-stock deal, LSI shareholders would
receive 0.4192 share of PSA for each Life Storage share or unit
    ** Including debt, the proposed deal would value Life
Storage at about $15 billion, making it one of the largest
takeovers so far this year
    ** LSI shares lost ~36% of their value in 2022
 (Reporting by Kannaki Deka in Bengaluru)
 ((Kannaki.Deka@thomsonreuters.com))