Australia’s Abacus Storage King gets $1.43 billion sweetened buyout bid
(Reuters) -Australia’s Abacus Storage King said on Monday it received a sweetened non-binding offer from a consortium of Ki Corporation and U.S.-listed Public Storage (NYSE:PSA) valuing it at A$2.17 billion ($1.43 billion), up from a prior offer of A$1.93 billion.
The consortium - which includes South African billionaire Nathan Kirsh’s family office Ki Corporation and U.S.-based Public Storage - raised its offer to A$1.65 per share from A$1.47 apiece after Abacus rejected the earlier bid in mid-May.
Abacus’ independent board committee said it will grant the consortium six weeks of due diligence to see if a binding deal can be agreed.
"There is no certainty that the parties will be able to agree terms to implement the revised proposal," the self-storage operator said in a statement.
($1 = 1.5223 Australian dollars)
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