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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.
Joele Frank handles C.H. Robinson Worldwide as the freight transportation company acquires RXO Inc. in a stock and cash transaction pegged at $5.8B to create a company with an enterprise value of more than $25B.
Brunswick Group handles France’s Schneider Electric as it acquires Boston’s PTC, maker of engineering software, for $22.6B cash.
Burson Buchanan handles AAR Corp as the supplier of parts and services to the aviation market acquires a 65 percent stake in MRO Holdings.
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