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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.
Prosek Partners represents Nuveen as it acquires London-based Schroders, which relies on Brunswick Group for PR counsel, in a $13.5B deal.
Qualcomm has recruited Brett Simpson for the senior VP-IR slot at the San Diego-based wireless technology company.
Reevemark handles Eddie Bauer LLC as the retailer inks a Chapter 11 restructuring pact that has it conducting liquidation sales at its US and Canadian stores while working to find a buyer for either all of or part of the chain.
Prosek Partners hires FTI Consulting vet David Roady to build and deepen its relationships in the corporate sector, particularly with chief communications officers and C-suite executives.
Kekst CNC handles Crestview Partners as the private equity firm acquires Tailwind Hospitality, operator of food, beverage and retail concessions in non-hub and regional airports, from Palladin Consumer Retail Partners.
