With the aim of increasing profitability, Life Storage Inc. Public Storage on Sunday unveiled an unsolicited bid of $11 billion for
The disclosure comes weeks after Public Storage made an offer to take Life Storage privately. Under the proposed transaction, holders of Life Storage shares and units will receive 0.4192 shares of Public Storage common stock for each Life Storage share or unit held, according to a statement on Sunday.
According to Bloomberg calculations, the deal values Life Storage at about $11 billion, or $129 per share — about 17% higher than Friday’s closing price of $110.58. The Wall Street Journal reported on Public Storage’s bid on Sunday.
Public Storage said in a statement on Sunday that Life Storage wrote on December 29 that it was not for sale and confirmed this in a letter dated January 31.
Public Storage chief executive Joe said, “We would love to work privately with you to reach an agreement for the benefit of our respective shareholders, but declining to engage meaningfully, we believe that Making our proposal public is the most constructive approach now.” Russell and Chairman Ronald Havener wrote a letter to Life Storage’s management on Sunday.
A Life Storage representative did not immediately respond to an email seeking comment.
The text of this story is published from a wire agency feed without any modification.
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