Public Storage (NYSE:PSA) made a proposal to acquire Life Storage, Inc. (NYSE:LSI) from State Street Corporation (NYSE:STT), BlackRock Fund Advisors and others for $10.3 billion on January 12, 2023. Under the terms of the proposal, holders of Life Storage shares and units would receive 0.4192 shares of Public Storage common stock for each Life Storage share or unit they own. Management team and Board of Trustees of Public Storage unanimously approved the proposal.

The board of Life Storage, in consultation with its financial and legal advisors, will carefully review the proposal and determine the course of action that it believes is in the best interests of all shareholders. Goldman Sachs & Co. LLC is serving as Public StorageÆs financial advisor and Wachtell, Lipton, Rosen & Katz is serving as Public StorageÆs legal advisor.

Wells Fargo Securities and BofA Securities are acting as financial advisors to Life Storage and Hogan Lovells US LLP and Quinn Emanuel Urquhart & Sullivan LLP are serving as legal advisors.