Australia's Abacus Storage King opens books for $1.41 billion takeover bid

Abacus Storage King ASK has granted the consortium comprising Ki Corporation and Public Storage PSA access to examine the company's books and records for six weeks to evaluate its A$2.17 billion ($1.41 billion) binding acquisition proposal.

The consortium earlier in this month raised its bid to A$1.65 per share for the Australian self-storage firm.

Abacus Storage in May rejected the group's earlier offer, citing risks surrounding valuation, timing and deal completion.

Businessman Nathan Kirsh's family office Ki Corp directly and indirectly controls 59.39% of Abacus Storage. If a deal goes through, Ki Corp and Public Storage would own 50% each in the firm.

At present there is no certainty that the parties will be able to agree terms to implement the revised proposal, Abacus Storage King said.

($1 = 1.5375 Australian dollars)