May 13 (Reuters) - Australia's Abacus Storage King ( ABSKF )

said on Tuesday it had rejected an unsolicited takeover

offer from a consortium of Ki Corporation and Public Storage ( PSA )

, which valued the firm at A$1.93 billion ($1.23

billion).

In early April, a consortium of U.S.-based furniture

manufacturer Ki Corporation and real estate investment trust

Public Storage ( PSA ) had offered A$1.47 per stapled security to Abacus

shareholders for all shares not currently held by Ki and its

subsidiaries.

On Tuesday, Abacus' independent board committee turned down

the proposal, stating that it does not reflect "compelling

value" for its securities.

Despite the offer being at a premium to prior trading

prices, the committee believes the headline price of A$1.47 does

not reflect fair value for an ASK security, Abacus said.

Abacus added that the decision was also influenced by the

consortium's tax conditions, which requires certain tax rulings

from the Australian Taxation Office to be obtained, and could

have potentially impacted transaction certainty.

($1 = 1.5686 Australian dollars)