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Public Storage Makes $11 Billion Bid for Rival. It’s Big Deal to Start 2023.

Both Public Storage and Life Storage are run as REITs.

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Public Storage,
a company that owns and operates self-storage units, made an unsolicited offer to buy smaller rival
Life Storage
in what would be one of the biggest acquisition deals of 2023 so far.

Public Storage (ticker: PSA) published a letter on its website that it sent to Life Storage’s (LSI) management on Sunday detailing its all-stock proposal, worth about $129 a share. Life Storage shares closed Friday at $110.58. The offer is a 19% premium on Life Storage’s 20-day weighted trading average.

Both companies are run as real estate investment trusts, or REITs. That’s a holding company that owns income-producing real estate that is usually allowed to pay less in corporation and capital-gains taxes. 

The deal is one of the biggest so far this year, and comes after stock markets fell dramatically in 2022. In a busy weekend for corporate activity gold miner
(NEM) made a $17 billion bid for Australia’s
Newcrest Mining

Public Storage didn’t immediately respond to a request for additional comment early Monday. Its shares were down 1.5% in premarket trading. Life Storage stock was up 10.3%.

Public Storage initially expressed an interest in Life Storage in late December, The Wall Street Journal Reported. Life Storage refused the offer then, saying it wasn’t for sale. The latest public offer may be an attempt to add shareholder pressure on Life Storage to accept the deal.

Write to Brian Swint at


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