Lok'nStore bid heightens 'bargain basement' fears
Evening Standard|April 11, 2024
ANOTHER major British company is set to be taken off London’s stock market in a foreign takeover deal struck today, highlighting worries across the City that low valuations are turning it into a global bargain basement.
Michael Hunter
Lok'nStore bid heightens 'bargain basement' fears

Lok’nStore became the latest target of a high-premium overseas buyout, in a bid from Brussels-listed rival Shurgard valuing the temporary storage firm’s stock at £378 million.

The 1110p per share offer came in 16% above yesterday’s closing price, even after a strong recent rally for the stock. The offer was almost 37% higher than the wider, three-month “volume-weighted” average price used by bankers to price deals.

It was high enough to secure backing from Lok’nStore’s board, while also playing into fears over the deepening trend for firms to leave London.

Tony Cross, at the City’s stock market database Investegate, said: “Lok’nStore is the latest in a line of London-listed companies to announce it can get better value for its shareholders by way of an acquisition. The fact such a success story is set to fall into the hands of foreign ownership does little to allay fears that the Great Fire Sale of London is anywhere near burning itself out.”

هذه القصة مأخوذة من طبعة April 11, 2024 من Evening Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة April 11, 2024 من Evening Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من EVENING STANDARD مشاهدة الكل
England's Lionesses, The Next Gen
The London Standard

England's Lionesses, The Next Gen

Why our Euros winners are now facing a fight for their futures

time-read
3 mins  |
October 24, 2024
Check in for London's great hotel gold rush
The London Standard

Check in for London's great hotel gold rush

Boom time for five-star establishments with a new wave of openings

time-read
3 mins  |
October 24, 2024
The London Standard

A Kinder way of family hols - Forsthofgut, Austria

I first heard about Forsthofgut when having lunch with the impossibly glamorous Stéphanie Rist. As well as having worked closely with the doyenne of spas, Susanne Kaufmann, for over 10 years, she was also born and brought up in Austria's Vorarlberg.

time-read
3 mins  |
October 24, 2024
Monica Galettion why home for her will always be the islands of Samoa
The London Standard

Monica Galettion why home for her will always be the islands of Samoa

Immerse yourself in the clear waters, try a bowl of poke-and pack mosquito repellent, says the Masterchef judge

time-read
6 mins  |
October 24, 2024
I don't care about the red carpet
The London Standard

I don't care about the red carpet

Rejina Pyo dresses real women... and it's working

time-read
4 mins  |
October 24, 2024
TfL Lost Property Office Stephenson Street, E16
The London Standard

TfL Lost Property Office Stephenson Street, E16

SECRET SPOTS YOU SIMPLY HAVE TO DISCOVER

time-read
4 mins  |
October 24, 2024
Will Labour help Londoners get on the ladder?
The London Standard

Will Labour help Londoners get on the ladder?

The young are hoping for a rabbit out of the hatin the Budget that will let them buy a home at last

time-read
4 mins  |
October 24, 2024
'I feel so grateful that I knew a without world technology ...human connection was different back then'
The London Standard

'I feel so grateful that I knew a without world technology ...human connection was different back then'

Evgeny Lebedev speaks to DAME HELEN MIRREN about science, fashion and her faith in youth

time-read
5 mins  |
October 24, 2024
Welcome to Arcosanti, the experimental desert city loved by Charli XCX
The London Standard

Welcome to Arcosanti, the experimental desert city loved by Charli XCX

Forget Brat summer is this utopian citadel in Arizona the ultimate non-conformist destination?

time-read
3 mins  |
October 24, 2024
Review Melania Trump - A glimpse into the world's most enigmatic woman
The London Standard

Review Melania Trump - A glimpse into the world's most enigmatic woman

This unintentionally revealing memoir shows her political ambition matches her husband's

time-read
4 mins  |
October 24, 2024