GLENDALE 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 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, totalling $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 of $18 billion, ownership in more than 2,100 facilities. 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 out there,” said Jim Chiswell, president of Chiswell and Associates, a Charlottesville, Va.-based consulting firm. “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. [email protected] (818) 713-3738 AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECasino Insider: Here’s a look at San Manuel’s new high limit rooms, Asian restaurant160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!
AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week Jenkins was a 24-year-old sergeant when he crossed the border into North Korea. He stayed for 39 years, appearing in propaganda films and teaching English. In 1980, he married a Japanese woman who had been kidnapped and taken to North Korea to train spies in Japanese language and culture. She was released in 2002 and Jenkins followed two years later, surrendering to U.S. authorities and serving a month in jail for desertion. The couple now live in Japan. Jenkins told “60 Minutes” that his government handlers assigned him a Korean woman with whom he was supposed to have sex twice a month, and they beat him severely when he balked. RALEIGH, N.C. – A U.S. Army deserter who spent decades in North Korea says his communist keepers abused him and controlled every aspect of his life, down to telling him how often to have sex. “It was the worst mistake anyone ever made,” Charles Jenkins said. “In words, I cannot express the feelings I have towards North Korea, the harassment I got, the hard life.” In an interview airing Sunday on CBS’ “60 Minutes, Jenkins said he was given no painkillers when a tattoo on his forearm that read “U.S. Army” was cut off with a scalpel and scissors. “They told me the anesthetic was for the battlefield,” said Jenkins, a North Carolina native. “It was hell.” 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!