Australia’s Abacus Storage King AASK said on Monday it had received an unsolicited takeover offer from a consortium consisting of Ki Corporation and Public Storage 
PSA, valuing the target at A$1.93 billion ($1.16 billion).
The proposal offers A$1.47 per stapled security to Abacus shareholders for all shares not currently held by Ki and its subsidiaries.
U.S.-based real estate investment trust Public Storage will hold around 50% of Abacus securities following the deal, with furniture manufacturer Ki holding the rest.
Ki currently has an indirect and direct interest of nearly 60% in Abacus.
The offer represents a 26.7% premium to Abacus’ close on Friday.
($1 = 1.6669 Australian dollars)