The consortium's improved offer values the self-storage firm at A2.17 billion, up from Aprils A1.93 billion proposal.
Abacus confirmed receipt of the revised bid, pushing shares up more than 7 on Monday, July 14.
A rival firms 4.78 stake could disrupt the takeover if key shareholders oppose the consortiums offer.
A consortium made up of Ki Corporationthe family office of Eswatinis richest man and Africas oldest billionaire, Natie Kirshand U.S.-based Public Storage has returned with an improved offer to buy Abacus Storage King.
Revised deal values Abacus Storage King at A2.17 billionThe new bid values the Australian self-storage company at A2.17 billion 1.42 billion, higher than the initial proposal made in April, which was turned down. The goal remains the same: to bring together a fragmented storage market across Australia and New Zealand.
In a statement released on Monday, July 14 , Abacus Storage King confirmed it had received the revised offer, which sent its shares up by more than 7 percent. The updated proposal offers A1.65 1.08 per share, a roughly 15 percent bump from the previous bid, not including shareholder distribution.
Ki, Public Storage to split ownershipAbacus Storage King operates around 126 self-storage facilities, with 21 development projects underway and another 75 properties under management or license across the region.
The company plays a key role in a growing industry, fueled by population growth and increasing demand for flexible storage. Ki Corporation already controls about 59.4 percent of Abacus, and if the deal is successful, ownership would be split evenly between Ki Corp and Public Storage.