Ki Corporation, Public Storage withdraw offer to acquire Abacus Storage King

The consortium of Ki Corporation and Public Storage (PSA) announced the withdrawal of their non-binding indicative offer to acquire Abacus Storage King following a comprehensive due diligence period. “We appreciate Abacus Storage King’s partnership through the due diligence processes,” said Joe Russell, Public Storage’s CEO. “Following extensive review, we were unable to match their Independent Board Committee’s value assessment. This decision reflects our financial discipline and confidence in the wide array of opportunities available to continue enhancing our portfolio. Our opportunity set is expanding and, with more than $785 million acquired or under contract as of mid-year, we are executing prudently with accelerating scale to deliver growth and value creation to our shareholders.”