The board of Lok’n Store has agreed the terms of a recommended cash offer from Shurgard to acquire the company.
Under the terms of the acquisition, Lok’n Store shareholders will be entitled to receive 1,110 pence in cash for each share, valuing the company at £378m.
This represents a premium of:
- 15.9% to the closing price of 958 pence on 10 April 2024 (being the last business day before the announcement);
- 36.7% to the volume-weighted average price of 812 pence for the three-month period ended 10 April 2024;
- 41.3% to the volume-weighted average price of 786 pence for the six-month period ended 10 April 2024; and
- 2.3% to the all-time high closing price of 1,085 pence (on 6 January 2022).
Shurgard has received irrevocable undertakings to vote in favour of the cash offer from Lok’n Store directors holding a total of 6,302,453 shares representing around 19% of the company.