PSA - Public Storage Makes an Aggressive Move to Acquire Life Storage
2023-03-11 06:15:00 ET
Self-storage real estate investment trust (REIT) Public Storage (NYSE: PSA) made an aggressive move earlier this month with an unsolicited offer to acquire its peer Life Storage (NYSE: LSI) in an $11 billion all-stock transaction.
The offer was a public attempt to strong arm Life Storage into a deal after the REIT rejected Public Storage's private offer earlier this year. Could this move work, and if so, what would that mean for shareholders? Let's take a closer look to see.
Public Storage first made a private bid to acquire Life Storage on Jan. 12, offering 0.4192 share of Public Storage common stock for each share of Life Storage. The offer was valued at about $11 billion, a 19% premium to the 20-day trailing volume weighted average price for both companies.
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Public Storage Makes an Aggressive Move to Acquire Life Storage