CANBERA (dpa-AFX) - Ki Corporation and Public Storage (PSA) announced a revised non-binding indicative offer to acquire Abacus Storage King (ASK.AX) for cash consideration of A$1.65 per stapled security. The Consortium and Abacus Storage King have agreed to proceed with due diligence based on the revised terms.
Ki Corporation and Public Storage said that their discussions with Abacus Storage King are preliminary in nature and any transaction would be subject to processes for acquisition of widely held entities under Australian law, including securityholder approval. There is no assurance the parties will reach a definitive agreement or consummate a transaction or that if such an agreement is reached, it will be on terms similar to those set forth herein.
In a separate press release, Abacus Storage King confirmed that it has received a revised proposal from the consortium. The revised proposal represents a about 15% increase on the Consortium's initial proposal.
The revised proposal remains subject to a number of conditions. This includes regulatory approvals from FIRB and the New Zealand Overseas Investment Office and receipt by the Consortium of certain tax rulings.
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