In today’s briefing:
- Abacus Storage (ASK AU): Kirsh/Public Storage Buck Market Volatility With NBIO
Abacus Storage (ASK AU): Kirsh/Public Storage Buck Market Volatility With NBIO
- Ki Corporation and Public Storage (PSA US) together announced a NBIO, by way of a Scheme, to acquire all of the outstanding securities of Abacus Storage (ASK AU) not held.
- The indicative offer of A$1.47/stapled security is a 26.7% premium to undisturbed and ~8% discount to the latest NTA/security. Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK.
- Trading at a gross/annualised spread of 6.9%/10.9%, assuming late Nov completion. That’s tight given timing risk, and terms not being firm.
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