Abacus Storage King has rejected a $1.9 billion buyout bid from a consortium comprising a South African billionaire and a United States giant, stoking a potential takeover tussle in the normally staid world of storage.
The directors of Abacus Storage King, which operates 210 self-storage sites across Australia and New Zealand, said the $1.47 a share offer was inadequate, pointing to a new independent valuation of the group’s warehouse portfolio at a net asset value of $1.73 a share.
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