In today’s briefing:
- Abacus Storage King (ASK AU): Ki Corp/Public Storage’s NBIO at A$1.47
Abacus Storage King (ASK AU): Ki Corp/Public Storage’s NBIO at A$1.47
- On 7 April, Abacus Storage King (ASK AU) disclosed a non-binding proposal from Ki Corporation and Public Storage (PSA US) at A$1.47, a 26.7% premium to the undisturbed price.
- While below NTA (implying a P/NTA of 0.92x), the offer is reasonable compared to peer multiples and historical trading ranges. It represents an all-time high.
- A binding offer is conditional on due diligence (expected to take six weeks) and Board recommendation. The Board should work to secure a binding offer closer to NTA.
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