Life Storage, Inc., (NYSE:LSI) today confirmed that it received an unsolicited taxable all-stock proposal from Public Storage to acquire all of the outstanding shares of Life Storage for 0.4192 shares of Public Storage common stock for each outstanding Life Storage share.
The Company noted that the proposal received today appears to be substantially similar in all material respects to a privately submitted proposal previously reviewed by the Life Storage Board of Directors. Notwithstanding, the Board, in consultation with its financial and legal advisors, will carefully review the proposal and determine the course of action that it believes is in the best interests of all shareholders.
Life Storage shareholders are advised to take no action at this time.
Wells Fargo Securities, LLC is acting as financial advisor to Life Storage and Hogan Lovells US LLP is serving as legal advisor.
