PUBLIC STORAGE MERGER ALMOST SHUR.Byline: BRENT Brent, outer borough (1991 pop. 226,100) of Greater London, SE England. The area is a rail and industrial center. Its manufactures include automobile parts, clocks and watches, and electrical equipment. HOPKINS Staff Writer GLENDALE - Investors eagerly greeted Monday's news that Public Storage Inc.'s long-anticipated, multi-billion-dollar purchase of smaller rival Shurgard Storage Centers Shurgard Storage Centers, Inc. was a Real estate investment trust (REIT) based in the Cascade neighborhood of Seattle, Washington. Its predecessor company, Capital Northwest Management Corporation, was founded in 1972 in Olympia, Washington by Charles K. Barbo and Donald B. Inc. appears imminent, pushing the companies' stocks near 52-week highs. Public Storage, the industry leader with 1,500 locations and $1.6 billion in sales last year, has been eyeing Seattle-based Shurgard for years. It first bid for the company six years ago, then again last August, with Shurgard rebuffing both tries. The most recent rejection stirred shareholder sentiment, causing Shurgard to seek a buyer in earnest ear·nest 1 adj. 1. Marked by or showing deep sincerity or seriousness: an earnest gesture of goodwill. 2. Of an important or weighty nature; grave. See Synonyms at serious. . Ultimately, Public Storage may be that purchaser, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a story in Monday's Wall Street Journal. Citing sources familiar with the deal, the story said Public Storage would pay $3.2 billion for its old quarry Quarry Cerynean stag captured by Hercules as third Labor. [Gk. and Rom. Myth.: Hall, 149] Cretan bull savage bull caught by Hercules as seventh Labor. [Gk. , aceing out competitors such as U-Haul. ``They've had two wolves wolves n. Plural of wolf. wolves Noun the plural of wolf Wolves See also animals. lycanthrope 1. a person suffering from lycanthropy. looking at the sheep for quite some time,'' said Paul Agronato, director and senior real estate investment trust analyst with the New York-based research and trading company Harris Nesbitt. Shurgard, to their credit, has always been regarded as a top operator at the property level and has one of the highest quality real estate portfolios. Neither company would comment on the possibility of a deal, which the Journal story said would likely close by the end of the week. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the companies' silence, investors showed an interest in both stocks after the report. Public Storage shares advanced $1.10, 1.4 percent, to close at $79.46, the highest mark in the last year. Shurgard closed up 18 cents, .28 percent, to close at $63.60, after passing the $64.13 52-week high point during the day. Though Shurgard, with 624 self-storage facilities and 39.3 million net rentable square feet, is much smaller than market leader Public Storage, Agronato said it would present strategic international advantages for its suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) . Public Storage has nearly 90 million net rentable square feet, but lacks Shurgard's European presence of 141 storage centers in seven countries. A Public Storage-Shurgard merger makes a lot of sense, Agronato said. Public Storage is the largest, most sophisticated operator by far, so they'd be able to integrate Shurgard quickly and efficiently. In addition, since it has such a strong balance sheet, it could take advantage of Shurgard's European platform to bring out new services there. After Public Storage made its $2.5 billion, unsolicited un·so·lic·it·ed adj. Not looked for or requested; unsought: an unsolicited manuscript; unsolicited opinions. unsolicited Adjective offer in August, the California Public Employee Retirement System emerged as a possible partner in a second offer. CalPERS spokesman Clark McKinley declined to comment Monday, saying the pension fund didn't want to unfairly influence the market before a deal could be reached. CAPTION(S): photo, chart Photo: (color) Public Stage, which has 1,500 locations, including this one on Vanowen Avenue in Canoga Park, is expected to buy rival Shurgard. Tina Burch/Staff Photographer Chart: Cleaning out their closets SOURCE: Daily News research Gregg Miller/Staff Artist |
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