(Bloomberg) — Shurgard Self Storage Ltd. agreed to buy Lok’nStore Group Plc for £378 million ($475 million) to expand its UK footprint outside of the capital.
The Windhof, Luxembourg-based company will pay 1,110 pence in cash for each Lok’nStore share, 16% more than yesterday’s close, according to a statement.
Lok’nStore shares surged as much as 18% to 1,135 pence, above the offer price, indicating investors expect a higher offer. Lok’nStore’s board is backing the offer.
Shurgard said the deal would increase its presence in Manchester and the South East of England, the “two most attractive target markets” outside of the capital. Most of Shurgard’s UK locations are in London.
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