Abacus Storage King (ASX:ASK) Receives Revised Acquisition Proposal
Revised Proposal Details
Abacus Storage King (ASX: ASK) has received a revised non-binding indicative proposal from a consortium of Ki Corporation Limited and Public Storage (NYSE: PSA). Under the revised proposal, ASK security holders would receive A$1.65 per stapled security, around a 15% increase on the initial offer.
Conditions and Due Diligence
The proposal is subject to regulatory approvals from the FIRB and the New Zealand Overseas Investment Office as well as certain tax rulings. The independent board committee will provide a six-week due diligence period to assess the proposal’s viability. Access to due diligence depends on agreed non-disclosure and standstill arrangements.
IBC Recommendation
The IBC advises ASK securityholders to TAKE NO ACTION regarding the Revised Proposal at this time, as there is no certainty of agreement or condition satisfaction.
Motley Fool contributor Lauren Surplice has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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