This article is from the Australian Property Journal archive
CALIFORNIA headquartered self-storage property trust Public Storage has launched a $1.9 billion takeover bid for ASX-listed National Storage REIT.
The New York Stock Exchange listed company has made a bid of $2.40 for NSR, which will be reduced by any distribution paid by NSR.
NSR said the Public Storage proposal is subject to a number of conditions including due diligence and obtaining board as well as regulatory approval.
NSR said after careful consideration of the proposal, it has commenced discussions with Public Storage and will grant the US-giant access to due diligence.
Public Storage is not the only party vying for NSR, last month Gaw Capital Partners also made a takeover bid.
NSR said there is no certainty that the discussions with either GAW or Public Storage will lead to a binding proposal.
