ASK is 100% “in play”: Abacus Storage King (ASK) is the subject of a $2.2bn takeover bid from US giant Public Storage and billionaire Nathan Kirsh, who already controls ~60% of the company. The bid has been lifted to $1.55, but success depends on winning support from Abacus Group (19.8% owner). Meanwhile, National Storage REIT (NSR) has built up a 9.5% stake, giving it potential blocking power. The outcome remains uncertain, with consolidation in the storage sector likely regardless of the result.
NB To add spice to the mix, Public Storage initially bid for NSR back in March 2020.
- We effectively own a small portion of ASK through ~10% stake in ASK.
- ASK is trading over 10% more expensive than NSR, making the latter look good value even though it’s making new 2025 highs.
MM prefers NSR over ASK
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