Public Storage Makes $11 Billion Hostile Bid for Life Storage
Public Storage, the largest U.S. operator of self-storage properties, on Sunday unveiled an $11 billion hostile bid for Life Storage Inc., ratcheting up attempts to buy its smaller rival after its earlier takeover attempts were rebuffed.
Under the proposed all-stock deal, Life Storage shareholders would receive 0.4192 shares of Public Storage for each Life Storage share or unit, which equates to $129.3 per share based on Public Storage’s closing share price on Friday. The offer represents a premium of 19 percent based on the 20-day volume weighted average price of both stocks as of Friday.
Including debt, the proposed deal would value Life Storage at about $15 billion, making it one of the largest takeovers of 2023….