Third time wasn't the charm for Public Storage (PSA). After private offers in December and January that were rejected, the Glendale, CA-based self-storage REIT offered the smaller Life Storage (LSI) a proposed share swap at $129 per share, or a 19% premium, for a total of $11 billion.
Life Storage got back to them with a flat no.
The Life Storage board of directors "unanimously concluded that the acquisition proposal submitted by Public Storage on February 5, 2023, significantly undervalues Life Storage and its prospects for future growth and value creation," said a press release from the company. "This determination follows a comprehensive review process conducted by the Life Storage Board in consultation with its independent financial and legal advisors."
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