July 21 (Reuters) - Abacus Storage King ( ABSKF ) 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 ( PSA ) 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 ( ABSKF ) said.
($1 = 1.5375 Australian dollars)