Ki Corporation and Public Storage withdraw offer to acquire Abacus Storage King

Ki Corporation and Public Storage (NYSE:PSA [https://seekingalpha.com/symbol/PSA]) announced [https://seekingalpha.com/pr/20210884-ki-corporation-and-public-storage-withdraw-offer-to-acquire-abacus-storage-king] on Monday the withdrawal of their non-binding indicative offer to acquire Abacus Storage King, following a comprehensive due diligence period.

“We appreciate Abacus Storage King’s partnership through the due diligence processes,” said Joe Russell, Public Storage’s Chief Executive Officer.

“Following extensive review, we were unable to match their Independent Board Committee’s value assessment. This decision reflects our financial discipline and confidence in the wide array of opportunities available to continue enhancing our portfolio."

Public Storage (NYSE:PSA [https://seekingalpha.com/symbol/PSA#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) and Ki Corporation, as a consortium, had presented an updated, non-binding offer to acquire [https://seekingalpha.com/pr/20163968-ki-corporation-and-public-storage-update-offer-to-acquire-abacus-storage-king#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews] Abacus Storage King for A$1.65 per stapled security in July.

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