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GlobeSt.com UPDATE: 'Several' Suitors Emerge for Shurgard

SEATTLE-The locally headquartered self storage REIT says that it has signed confidentiality agreements with "several" interested parties since it officially began considering its strategic alternatives in late October.

By Brian K. Miller | Updated on November 29, 2005

SEATTLE-Shurgard Storage Centers Inc. says it has signed confidentiality agreements with several parties interested in acquiring or partnering with the company. The news from the locally based self storage REIT comes one month after it officially began considering its strategic alternatives and four months after it rejected an unsolicited $2-billion takeover bid by its chief competitor, Glendale, CA-based Public Storage.

The pool of interested parties still includes Public Storage. As part of its confidentiality agreement with Shurgard, Public Storage has agreed not to take certain actions with respect to an acquisition of Shurgard without Shurgard’s approval prior to April 27, 2006.

Citigroup Global Markets, Inc. and Banc of America Securities LLC are serving as Shurgard’s financial advisors in connection with these matters. Willkie Farr and Gallagher LLP and Perkins Coie LLP are acting as legal counsel.

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