Life Storage (NYSE:LSI) rose 1.4% in after hours trading after the company filed an 8-K on Friday an amended severance agreement for executives in a change on control.
The agreement includes a revised payout in the event of a change-in-control, according to the 8-K filing on Friday. The new agreement includes payments for the CEO, CFO and COO.
The revised severance plans come after Life Storage (LSI) last month rejected an ~$11 billion unsolicited bid from Public Storage (NYSE:PSA), saying the offer “significantly undervalues” the company as well as its prospects for future growth.
The revised language also follows after Life Storage (LSI) canceled an appearance at Citi’s annual property CEO conference earlier this month.
A Citi analyst last month said Public Storage Inc. (PSA) has room to raise its offer for smaller self-storage competitor Life Storage (LSI) rejected it. A Truist analys also said that there’s a “strong probability” that Public Storage could “slightly” increase its offer for Life Storage.
Public Storage (PSA) disclosed early last month that it made an unsolicited offer to buy rival Life Storage (LSI) for $11 billion in an all stock deal.