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Kekst CNC handles Public Storage, the nation’s biggest self-storage operator, as it launches a hostile $11B all-stock bid for its smaller competitor Life Storage.
The offer represents a 19 percent premium based on the 20-day average closing prices of both stocks as of Feb. 3.
The target company notes that Public Storage’s bid is similar to one that it had earlier received and rejected.
Life Storage promises to review the current proposal and recommends that shareholders take no action at this time.
Public Storage encourages Life Storage’s board to “engage in good-faith discussions regarding its proposed value-maximizing transaction.”
CEO Joe Russell said the combined company will have “more robust operational capabilities and a strong trajectory of profitable growth.”
Glendale-based Public Storage has interests in 2,836 self-storage facilities in 40 states. Life Storage, which is headquartered in Buffalo, has 1,100 sites in 37 states.
Kekst CNC’s Jeremy Fielding, Lyndsey Estin and Nicholas Capuano represent Public Storage.
Joele Frank, Wilkinson Brimmer Katcher’s Andrew Siegel and Dan Moore handle Life Storage.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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