Australia’s Abacus Storage King said on Monday it received a sweetened non-binding offer from a consortium of Ki Corporation and U.S.-listed Public Storage valuing it at A$2.17 billion ($1.43 billion), up from a prior offer of A$1.93 billion.
The consortium – which includes South African billionaire Nathan Kirsh’s family office Ki Corporation and U.S.-based Public Storage – raised its offer to A$1.65 per share from A$1.47 apiece after Abacus rejected the earlier bid in mid-May.
Abacus’ independent board committee said it will grant the consortium six weeks of due diligence to see if a binding deal can be agreed.
“There is no certainty that the parties will be able to agree terms to implement the revised proposal,” the self-storage operator said in a statement.
($1 = 1.5223 Australian dollars)
Reuters
