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Abacus Storage King Surges on A$2.17B Takeover Bid from Ki Corp and Public Storage

Abacus Storage King Surges on A$2.17B Takeover Bid from Ki Corp and Public Storage. Source: Photo by Kampus Production

Abacus Storage King, a leading Australian self-storage company, announced on Monday it has received a revised A$2.17 billion ($1.43 billion) takeover offer from a consortium comprising Ki Corp and U.S.-based Public Storage (NYSE:PSA). The sweetened proposal values Abacus at A$1.65 per share, representing an 11.9% premium over its last closing price and improving on the earlier A$1.47 per share bid made in May.

Following the announcement, Abacus shares jumped as much as 7.1% to A$1.580, reaching their highest level since June 23, while the broader Australian benchmark index remained flat as of 0130 GMT.

The bidding consortium includes South African billionaire Nathan Kirsh’s family office, Ki Corp, and self-storage giant Public Storage, both aiming to capitalize on Australia’s growing storage demand. In response, Abacus Storage’s independent board committee has granted the group a six-week window for due diligence to determine if a binding agreement can be reached.

Despite the improved offer, analysts at Citi noted that an even higher bid exceeding Abacus’s net tangible assets per share may be necessary to secure support from minority shareholders. Net tangible assets refer to a company’s total physical assets minus liabilities—an important valuation metric in acquisition decisions.

Abacus Storage King emphasized that there is no guarantee the parties will agree on final deal terms, stating, “There is no certainty that the parties will be able to agree terms to implement the revised proposal.”

The revised takeover bid reflects continued interest from global investors in Australia’s commercial property sector, particularly in logistics and storage, amid shifting consumer habits and increasing e-commerce activity.

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