2023-03-17 17:39:28 ET
Life Storage ( NYSE: LSI ) rose 1.4% in after hours trading after the company filed an 8-K on Friday an amended severance agreement for executives in a change on control.
The agreement includes a revised payout in the event of a change-in-control, according to the 8-K filing on Friday. The new agreement includes payments for the CEO, CFO and COO.
The revised severance plans come after Life Storage ( LSI ) last month r ejected an ~$11 billion unsolicited bid from Public Storage ( NYSE: PSA ), saying the offer "significantly undervalues" the company as well as its prospects for future growth.
The revised language also follows after Life Storage ( LSI ) canceled an appearance at Citi's annual property CEO conference earlier this month.
A Citi analyst last month said Public Storage Inc. ( PSA ) has room to raise its offer for smaller self-storage competitor Life Storage ( LSI ) rejected it. A Truist analys also said that there's a "strong probability" that Public Storage could "slightly" increase its offer for Life Storage.
Public Storage ( PSA ) disclosed early last month that it made an unsolicited offer to buy rival Life Storage ( LSI ) for $11 billion in an all stock deal.
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Life Storage gains after amending severance plan for change in control amid Public Storage offer