Lok'nStore Group PLC (AIM:LOK) has agreed to be taken over by Shurgard, a Belgian rival, for £378 million cash.
The board of the AIM-listed company agreed an offer of 1,110p per share, which is a premium of 16% to the closing price yesterday and 41% to the six month average, on a par with its all-time high from January 2022.
Shurgard, which is Europe's largest developer and operator of self-storage facilities with 276 stores in seven countries, including the UK, said it has received irrevocable undertakings of support from Lok'nStore directors who hold shares, totalling 19%.
Directors, with advice from Goldman Sachs and Cavendish, said they consider the terms of the acquisition fair and reasonable and so intend to recommend unanimously in favour of the scheme at a court meeting and planned shareholder meeting.
Chair Andrew Jacobs said: "Lok'nStore's board believes the offer represents significant value for Lok'nStore's shareholders".