Life Storage board rejects unsolicited proposal from Public Storage

Life Storage (LSI) announced that the company’s Board of Directors unanimously concluded that the acquisition proposal submitted by Public Storage (PSA) on February 5, 2023, significantly undervalues Life Storage and its prospects for future growth and value creation. This determination follows a comprehensive review process conducted by the Life Storage Board in consultation with its independent financial and legal advisors. As previously announced, Public Storage proposed to acquire in a taxable transaction all of the outstanding shares and units of Life Storage for 0.4192 shares of Public Storage common stock for each outstanding Life Storage share or unit. Based on the closing price of Public Storage common stock on Wednesday, February 15, 2023, the proposal had an implied value of approximately $126.14 per share or unit or an equity value of approximately $11 billion."