Public Storage makes $11 billion unsolicited offer for Life Storage - WSJ (updated)

Life Storage

05/02/2023 23:00

(Adds details from WSJ story)
       Feb 5 (Reuters) - Public Storage  PSA.N  has made an $11
billion unsolicited offer for Life Storage Inc  LSI.N , the Wall
Street Journal reported on Sunday. 
    The Glendale-based company sent a letter to Life Storage's
management on Sunday detailing its all-stock proposal, valued at
about $129 a share, the newspaper said citing people familiar
with the matter. 
    Under the terms of the proposed deal, Life Storage
shareholders would receive 0.4192 share of Public Storage stock
for each Life Storage share or unit, WSJ said.
        Public Storage first expressed interest in buying Life
Storage, a real-estate investment trust, in a private
communication in late December, the report said, adding that
Life Storage rebuffed the bid.
  
        Public Storage then followed up with an offer to buy the
business last month, under the terms put forward on Sunday to
which Life Storage replied that the offer isn't in the best
interest of its shareholders, WSJ said.
  
        Public Storage and Life Storage were not immediately
available for a comment.  
  
 (Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Lisa
Shumaker and Diane Craft)
 ((Jahnavi.Nidumolu@thomsonreuters.com;))