Extra Space Storage Inc. (EXR) shares are declining more than 5 percent on Monday morning trade after the company entered into a definitive merger agreement to acquire Life Storage in an all-stock transaction. The combined company is expected to have a pro forma equity market capitalization of approximately $36 billion and a total enterprise value of approximately $47 billion.
As per the agreement, Life Storage shareholders will receive 0.8950 of an Extra Space share for each Life Storage share they own, representing a total consideration of approximately $145.82 per share based on Extra Space's share price close on March 31.
Currently, shares are at $152.45, down 6.43 percent from the previous close of $162.93 on a volume of 1,745,948.
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