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Highlights
• Revised non-binding offer values Abacus Storage King at AUD1.65 per stapled security
• Parties agree to proceed with due diligence under Australian acquisition law
• No assurance of final agreement; further updates conditional on definitive deal

Ki Corporation and Public Storage (NYSE:PSA) have submitted a revised non-binding indicative offer (NBIO) to acquire Abacus Storage King (ASX:ASK) for AUD1.65 per stapled security. The offer remains subject to due diligence and other conditions, but both parties have agreed to proceed with further evaluation based on the updated terms.

Abacus Storage King, which operates in the Australian self-storage market, has not made any guarantees regarding the outcome of the revised offer. The discussions are currently preliminary and non-binding, and any potential transaction would be subject to relevant Australian corporate and securities regulations, including shareholder approval requirements applicable to widely held entities.

Public Storage CEO Joe Russell noted that the company is entering this process alongside Ki Corporation and sees potential in the Australian market. However, the company clarified that the proposal is subject to multiple conditions and that there is no certainty a definitive agreement will be reached. Public Storage also stated it would not issue further updates unless legally required.

As of March 31, 2025, Public Storage owned or operated 3,399 self-storage facilities across 40 U.S. states and held a 35 percent equity stake in Shurgard Self Storage Limited, which operates 318 facilities across seven Western European countries. Public Storage is a member of the S&P 500 and is headquartered in Glendale, California.