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Abacus Storage Kings, Australia's Abacus storage King, gets a sweetened bid of $1.43 billion

Abacus Storage Kings in Australia said that it had received an improved non-binding bid from a group of Ki Corporation and U.S. listed Public Storage, valuing the company at A$2,17 billion ($1.43billion), up from its previous offer of A$1.93billion.

The consortium, which included South African billionaire Nathan Kirsh’s family office Ki Corporation as well as U.S. based Public Storage, raised its offer from A$1.47 per share to A$1.65 after Abacus had rejected the previous bid in mid-May.

Abacus’ independent board committee has said that it will give the consortium six-weeks of due diligence in order to determine if an agreement can be reached.

The self-storage operator stated that there is no guarantee the parties can agree on terms for implementing the revised proposal. ($1 = 1.5223 Australian dollars). (Reporting and editing by Sandra Maler, Jamie Freed, and Roshan Thomas from Bengaluru)

(source: Reuters)