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Public Archives (NYSE:PSA) made a voluntary offer to buy rival Life Storage (NYSE:LSI) for $11 billion in an all-stock deal.
According to the proposed transaction, Life Storage holders (LSI) will get 0.4192 shares of the Public Repository (PSA) of common stock for each Life Storage share or unit they own, or $129 per share, 17% above Life Storage’s closing price on Friday
Joe Russell, President and CEO of Public Storage, said: “We are disappointed that Life Storage’s board has refused to work constructively with us. declare on Sunday. Life Storage explicitly wrote on December 29, 2022 that Life Storage is ‘not for sale’, reaffirming that stance in a letter dated January 31, 2023 without giving any details. no avenues for further dialogue and has not responded to our outreach.”
Life Archives (LSI) is confirmed in a Press Release that it received an unsolicited tax-wide proposal from Public Storage (PSA) and that it will consider the proposal, although the company notes that the proposal received on Sunday appears to be “essentially identical in all material respects” to the privately submitted proposal previously submitted by the council. LSI’s board of review.
Goldman Sachs is acting as a Public Repository (PSA) financial advisor and Wachtell, Lipton, Rosen & Katz serving as legal counsel to Public Storage.
Public Archives (PSA) also announced on Sunday that its board has increased Public Storage’s regular quarterly dividend by 50%, from $2.00 to $3.00 per share.
