Canadian Storage Withdraws Hostile Bid for InStorage

Canadian Storage Partners ULC (CSP) has withdrawn its hostile bid for InStorage Real Estate Investment Trust, as the two companies have made some progress at a friendly deal instead.

CSP, a unit of the U.S.-based self-storage operator TKG-StorageMart, said it is working toward a cash deal at C$4 per unit that InStorage has said it could support. That would raise the deal to about C$98 million from about C$91 million, based on the company's 24.51 million units outstanding as of Nov. 24, according to Reuters data.

CSP launched its C$3.75-a-unit hostile bid in October, which InStorage said was a "significant" discount and urged its unitholders to reject the bid. Both companies cautioned there was no certainty that they could reach a deal but made optimistic comments about a friendly conclusion.

InStorage is the largest owner operator of self-storage facilities in Canada. For more information, visit

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