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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.
Jenn Kettnich, who has more than 15 years of financial communications experience, has joined Liftoff Mobile as VP-investor relations following completion of its recent IPO.
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oele Frank works for satellite operator Iridium Communications as it gets acquired by space company Rocket Lab in a deal worth $8B.
