Ki Corp. And PSA Withdraw Abacus Storage King Acquisition Bid After Due Diligence

(RTTNews) - Ki Corporation and Public Storage (PSA) announced that they have withdrawn their non-binding indicative offer to acquire Abacus Storage King (ASK.AX), following a comprehensive due diligence process.

"Following extensive review, we were unable to match their Independent Board Committee's value assessment. This decision reflects our financial discipline and confidence in the wide array of opportunities available to continue enhancing our portfolio," said Joe Russell, Public Storage's Chief Executive Officer.

In April 2025, Ki Corporation and Public Storage submitted a non-binding indicative offer to acquire all outstanding stapled securities of Abacus Storage King not already held by Ki or its subsidiaries, at a cash price of A$1.47 per security. This offer was subsequently revised in July 2025, with Ki and PSA announcing an updated non-binding indicative proposal to acquire Abacus Storage King for A$1.65 per stapled security in cash.