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Alternative Assets  + Latest News  + Markets  + Real Estate  | 
Public Storage Takes Aim at Rival Life Storage with Unsolicited Stock Offer

Public Storage Takes Aim at Rival Life Storage with Unsolicited Stock Offer

Public Storage, owner, acquirer, developer and operator of self-storage properties, has taken things “public” after sending a letter to Life Storage’s Mark G. Barberio, Chairman, and Joseph V. Saffire, CEO on February 5, 2023, reiterating its offer to acquire all outstanding shares and units of Life Storage in an all-stock deal.

First made privately to Life Storage in a letter sent on January 12, 2023, Life Storage shareholders would receive 0.4192 shares of Glendale, CA-based Public Storage for each share or unit, equating to $129.30 per share based on Public Storage’s closing share price last Friday, a 19% premium.

The Buffalo, NY-based Life Storage rejected a similar offer last month, stating that the company was “not for sale” and the deal was not in the best interest of shareholders.

In response, Public Storage released a letter to Life Storage’s management, making their proposed transaction public and giving shareholders the opportunity to make their views known.

“Our compelling offer to Life Storage shareholders includes a substantial immediate equity premium, a turbo-charged share of the combined company, and the opportunity to participate in the upside we intend to create together,” said Joe Russell, Public Storage’s President and Chief Executive Officer.

“We have been disappointed that Life Storage’s board has refused to engage constructively with us,” he added.

Goldman Sachs & Co. LLC is serving as Public Storage’s financial advisor and Wachtell, Lipton, Rosen & Katz is serving as Public Storage’s legal advisor.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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