STORAGE MERGER CERTAIN.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 Hopkins, city (1990 pop. 16,534), Hennepin co., SE Minn., a suburb of Minneapolis; inc. as West Minneapolis 1893, name changed 1928. The city manufactures machinery, computer and electronic parts, steel products, air pollution equipment, ophthalmic lenses, tools, Staff Writer GLENDALE Glendale. 1 City (1990 pop. 148,134), Maricopa co., S central Ariz., adjacent to Phoenix; inc. 1910. It is located in a rich agricultural region irrigated by the Salt River project. Glendale has become one of the fastest-growing U.S. - After $5 billion and the better part of a year, Public Storage Inc. announced Tuesday that it will acquire Shurgard Self Storage Centers Inc. The market leader had coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. Shurgard for years, bidding twice for its Seattle-based competitor. After its $2.5 billion bid last summer fell short of Shurgard's expectations, Public Storage renewed its focus, upped its offer and finally landed an operator prized for its international portfolio and strong domestic operations. The deal calls for Public Storage to pay Shurgard investors around $65 per share and assume $1.8 billion in debt, totaling $5 billion for the 633- location company. With both companies' board of directors approving the pact, the merger should be complete late in the second quarter. ``It's been busy for the last few months, that's for sure,'' said Clem Teng, Public Storage's vice president of investor services. ``It was worth waiting. This is a win-win for both companies.'' Under the terms of the merger, Public Storage will remain in its Glendale headquarters and evaluate personnel with both companies to decide how to integrate operations. It currently employs more than 4,100 workers, compared with Shurgard's 2,000. The resulting company will boast a market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of $18 billion, ownership in more than 2,100 facilities across 38 states and seven countries in Europe. Though Shurgard explored a number of buyers after Public Storage's July bid, ultimately, none could match the package offered by the market leader. ``Shurgard's advisers had to say there aren't other white knights White Knight falls off his horse every time it stops. [Br. Lit.: Lewis Carroll Through the Looking-Glass] See : Awkwardness White Knight invents clever objects that never work. [Br. Lit. out there,'' said Jim Chiswell, president of Chiswell and Associates, a Charlottesville, Va.-based consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a . ``Public Storage was the one who could get it done.'' Public Storage's stock closed down $2.29, 2.88 percent, to $77.17 on Tuesday, while Shurgard's declined $1, 1.57 percent, to $62.60. |
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