Public Storage said it made an $11 billion offer to acquire Life Storage, making public the U.S. self-storage property owner's ambitions to buy its rival after an earlier private takeover attempt was rejected
In a separate statement, Life Storage said it would review the proposed offer and "determine the course of action that it believes is in the best interests of all shareholders."
Public Storage said the proposed combination would save costs and make Life Storage's business more efficient. REITs were a bright spot for mergers and acquisitions in 2022, bringing in $83 billion in deal volume, the second highest for the sector since 2007, according to the National Association of REIT.Inc, the world's largest warehouse operator, bought Duke Realty Corp for $26 billion. In that instance, Duke had initially rebuffed the approach from Prologis before agreeing to a sweetened deal.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Public Storage makes $11 billion bid to buy smaller rival Life StoragePublic Storage has made an $11 billion unsolicited offer for its smaller rival Life Storage Inc., ramping up an effort to buy its smaller rival after an...
Read more »
Paris Hilton makes first public appearance since becoming a momThe “Simple Life” alum, who recently welcomed her first child via surrogate, was glowing on the red carpet beside her husband, Carter Reum.
Read more »
Houston Public Libraries targeted by thieves, caused nearly $30,000 in damagesHouston Public Libraries are the latest to be victimized after thieves gave targeted several locations during off hours to steal cash.
Read more »
Man robs Santa Rosa bank; Police seek public's helpA masked man robbed a bank Friday afternoon in Santa Rosa and police were seeking help from the public in finding the suspect.
Read more »
Two women, man stabbed in domestic dispute at NYC public housing complexThe mayhem unfolded at a building at the Polo Ground Towers on Frederick Douglass Boulevard around 10:30 p.m., cops said.
Read more »