In a move that would bring some consolidation to the fragmented self-storage sector, Public Storage (PSA) is mounting an $11B takeover bid for Life Storage (LSI).
PSA, the largest player in the self-storage sector with an estimated 9% market share, confirmed that it sent an unsolicited letter to LSI on Sunday offering its smaller competitor $129 a share in an all-stock deal to acquire LSI, which closed trading on Friday at about $111, the Wall Street Journal reported.
The offer, which comes after Life Storage rejected acquisition offers from PSA in December and January, would have an overall enterprise value of $15B when net debt is factored into the transaction.
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