COVID19 disrupts National Storage REIT takeover17 March 2020
As expected US Group Public Storage have announced that they will not proceed with plans to acquire National Storage REIT following the deterioration in the global financial climate following COVID19.
National Storage had previously received an unsolicited non-binding indicative proposal from Public Storage to acquire 100% of NSR for a cash price of $2.40 per NSR stapled security and that Public Storage was undertaking non-exclusive due diligence of NSR.
Public Storage became the front runner after GAW Capital and Warburg Princess both pulled out in late February.
Managing Director, Mr. Andrew Catsoulis, said, “Whilst we spent some time pursuing three unsolicited indicative offers that may have been attractive opportunities to maximise value for our securityholders we remained focussed on our core business throughout those discussions.
NSR will continue to focus on its strategy of maximising returns via our diversified revenue streams as outlined in our 1H FY20 results discussion with our securityholders.”
The Board of NSR remains committed to acting in the best interests of, and maximising value for, NSR securityholders.