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Ki Corporation and Public Storage Withdraw Offer to Acquire Abacus Storage King

1. PSA withdrew its offer to acquire Abacus Storage King after due diligence. 2. CEO Joe Russell stated review could not meet requirements of Abacus' board.

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$289.8408/25 08:08 PM EDTEvent Start
$289.8408/26 12:13 AM EDTLatest Updated
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FAQ

Why Neutral?

The withdrawal itself doesn't suggest immediate financial distress for PSA, similar to past decisions on acquisitions. Historical context shows strategic withdrawals can stabilize stock prices by avoiding overextension.

How important is it?

While the news may signal PSA's cautious approach, it doesn't provide substantial evidence of a change in growth trajectory. Investors might view this as a temporary setback rather than a systemic issue.

Why Short Term?

The immediate reaction will likely be short-lived as market adjusts, similar to past acquisition news cycles. Long-term effects depend on PSA's future acquisition strategies and overall market conditions.

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ASK
GLENDALE, Calif.--(BUSINESS WIRE)--Ki Corporation and Public Storage (NYSE:PSA) (together, the “Consortium”) announced today the withdrawal of their non-binding indicative offer to acquire Abacus Storage King (ASX:ASK) following a comprehensive due diligence period. “We appreciate Abacus Storage King's partnership through the due diligence processes,” said Joe Russell, Public Storage's Chief Executive Officer. “Following extensive review, we were unable to match their Independent Board Committe.

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