SYDNEY: Abacus Storage King confirmed Monday it received an unsolicited, non-binding proposal from a consortium comprising Ki Corporation Limited and U.S.-based Public Storage to acquire all outstanding stapled securities not already held by the group.
The offer, valued at A$1.47 per security (minus post-proposal dividends), would leave Public Storage with a 50% stake in the Australian self-storage operator, while Ki would retain the remainder. Ki currently holds a 59.39% interest in Abacus Storage King through direct and indirect holdings.
The proposal is contingent on multiple conditions, including board approvals, regulatory clearances from Australian and New Zealand authorities, and tax rulings from the Australian Taxation Office. The consortium also requires unanimous support from Abacus Storage King’s board and a commitment from directors to back the deal absent a superior offer.
An independent board committee has been formed to evaluate the proposal, but the company cautioned shareholders to take no immediate action. Advisers King & Wood Mallesons and Macquarie Capital are assisting in the review.