Abacus Storage King Suitor May Need to Raise Offer Again -- Market Talk

Dow Jones

Jul 14, 2025

0055 GMT - Public Storage and consortium partner Ki Corp have now offered enough to get Abacus Storage King to open its books. But Citi is doubtful it's sufficient to get a deal done. The consortium's offer of A$1.65/security values Abacus Storage King's equity at A$2.17 billion. Analyst Howard Penny says it signals continued interest in self-storage assets from large global investors. The revised offer also appears more acceptable to the board of Abacus Storage King. "However, in our view, a further revised offer above net tangible assets per share may be necessary to convince minority shareholders to agree to the deal," Citi says. That's because of likely cap rate compression and compelling fundamentals for Australian self-storage assets, it says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

July 13, 2025 20:55 ET (00:55 GMT)

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But Citi is doubtful it's sufficient to get a deal done. The consortium's offer of A$1.65/security values Abacus Storage King's equity at A$2.17 billion. Analyst <a href=\"https://laohu8.com/S/HBMD\">Howard</a> Penny says it signals continued interest in self-storage assets from large global investors. The revised offer also appears more acceptable to the board of Abacus Storage King. \"However, in our view, a further revised offer above net tangible assets per share may be necessary to convince minority shareholders to agree to the deal,\" Citi says. That's because of likely cap rate compression and compelling fundamentals for Australian self-storage assets, it says. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 13, 2025 20:55 ET (00:55 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Abacus Storage King Suitor May Need to Raise Offer Again -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAbacus Storage King Suitor May Need to Raise Offer Again -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-07-14 08:55</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0055 GMT - <a href=\"https://laohu8.com/S/PSA\">Public Storage</a> and consortium partner Ki Corp have now offered enough to get <a href=\"https://laohu8.com/S/ASK.AU\">Abacus Storage King</a> to open its books. But Citi is doubtful it's sufficient to get a deal done. The consortium's offer of A$1.65/security values Abacus Storage King's equity at A$2.17 billion. Analyst <a href=\"https://laohu8.com/S/HBMD\">Howard</a> Penny says it signals continued interest in self-storage assets from large global investors. The revised offer also appears more acceptable to the board of Abacus Storage King. \"However, in our view, a further revised offer above net tangible assets per share may be necessary to convince minority shareholders to agree to the deal,\" Citi says. That's because of likely cap rate compression and compelling fundamentals for Australian self-storage assets, it says. 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But Citi is doubtful it's sufficient to get a deal done. The consortium's offer of A$1.65/security values Abacus Storage King's equity at A$2.17 billion. Analyst Howard Penny says it signals continued interest in self-storage assets from large global investors. The revised offer also appears more acceptable to the board of Abacus Storage King. \"However, in our view, a further revised offer above net tangible assets per share may be necessary to convince minority shareholders to agree to the deal,\" Citi says. That's because of likely cap rate compression and compelling fundamentals for Australian self-storage assets, it says. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"PSA":"公共存储公司","BK4588":"碎股","ASK.AU":"ABACUS STORAGE KING","BK4585":"ETF&股票定投概念","BK7151":"自存仓储房地产信托","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4084":"特种房地产投资信托","BK4217":"自存仓储房地产信托"},"translate_title":"Abacus存储王收购者可能需要再次提高报价——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ASK.AU":0.9,"PSA":0.9},"content_text":"0055 GMT - Public Storage and consortium partner Ki Corp have now offered enough to get Abacus Storage King to open its books. But Citi is doubtful it's sufficient to get a deal done. The consortium's offer of A$1.65/security values Abacus Storage King's equity at A$2.17 billion. Analyst Howard Penny says it signals continued interest in self-storage assets from large global investors. The revised offer also appears more acceptable to the board of Abacus Storage King. \"However, in our view, a further revised offer above net tangible assets per share may be necessary to convince minority shareholders to agree to the deal,\" Citi says. That's because of likely cap rate compression and compelling fundamentals for Australian self-storage assets, it says. (david.winning@wsj.com; @dwinningWSJ) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 13, 2025 20:55 ET (00:55 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}