Love rectangle for National Storage as third suitor confirmed

Love rectangle for National Storage as third suitor confirmed

As the saying goes, good things come in threes.

At least that's what management at National Storage REIT (ASX: NSR) will be thinking nowit has been confirmed a trio of suitors have their sights on the company.

The Brisbane-based company told the market this morning it had received an offer from New York-based private equity firm Warburg Pincus prior to the $2.40 per share offer proposal from Public Storage (NYSE: PSA) last week.

Warburg's $2.20 per share offer is on par with what was put on the table earlier by Hong Kong-based Gaw Capital Partners (GCP) in January. 

All three parties have entered confidentiality agreements with National Storage in order to access further information as they decide on their next moves.

"After careful consideration of the Warburg Pincus indicative proposal the NSR Board resolved to provide Warburg Pincus with access to non-exclusive due diligence," National Storage said today.

"NSR continues to work with these three parties in relation to proposals to acquire NSR and notes that discussions with each party are at this stage preliminary and subject to a number of conditions and there is no certainty that the discussions will lead to a final recommended offer.

"The Board of NSR is committed to acting in the best interests of, and maximising value for, NSR securityholders."

For now the market appears to have formed the view that someone will raise their bid, as shares increased by one cent this morning to $2.41.

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