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GlobeSt.com UPDATE: Public Storage Talking to Shurgard Shareholders

SEATTLE-With the board of locally based Shurgard Storage uninterested in discussing the $2.58-billion acquisition offer from its self-storage peer, Public Storage is appealing directly to Shurgard shareholders with a report on the potential financial benefits of a takeover.

By Brian K. Miller | Updated on September 08, 2005

SEATTLE-Public Storage of Glendale, CA is not giving up on its effort to acquire locally based Shurgard Storage. One month after Shurgard rejected Public Storage’s unsolicited $2.5-billion offer, Public Storage has issued a report on the financial benefits of the deal for Shurgard shareholders to examine.

“We are more convinced than ever that the combination of Public Storage and Shurgard is clearly good for all Shurgard shareholders,” says Public Storage chief executive Ronald Havner in a prepared statement. “Our proposal would provide Shurgard shareholders with a substantial immediate premium and the opportunity to participate in the long-term growth of the combined company.

“We are disappointed that Shurgard’s board continues to refuse to sit down with us to explore the potential of a mutually beneficial transaction, despite the overwhelmingly positive response from shareholders and analysts to our proposal. It remains our preference to work cooperatively with Shurgard to effectuate this transaction.”

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