Public Storage and Shurgard Temporarily Postpone Shareholder Meetings
12 Juli 2006 - 12:43AM
Business Wire
Public Storage, Inc. (NYSE:PSA) and Shurgard Storage Centers, Inc.
(NYSE:SHU) announced today that each was rescheduling its
shareholder meeting because the Securities and Exchange
Commission's review of the companies' joint proxy
statement/prospectus has not been completed. A new meeting date
will be announced when set. Public Storage and Shurgard continue to
expect that the merger between the two companies will close during
the third quarter of 2006. About Public Storage, Inc. Public
Storage, Inc., a member of the S&P 500 and the Forbes Global
2000, is a fully integrated, self-administered and self-managed
real estate investment trust that primarily acquires, develops,
owns and operates self-storage facilities. Public Storage's
headquarters are located in Glendale, California. Public Storage's
self-storage properties are located in 37 states. At March 31,
2006, Public Storage had interests in 1,508 storage facilities with
approximately 92 million net rentable square feet. Additional
information about Public Storage, Inc. is available on its website,
www.publicstorage.com. About Shurgard Storage Centers, Inc.
Shurgard Storage Centers, Inc. is a real estate investment trust
headquartered in Seattle, Washington. Shurgard specializes in all
aspects of the self-storage industry and operates a network of over
656 operating storage centers located throughout the United States
and in Europe. Additional information about Shurgard Storage
Centers, Inc. is available on its website, www.shurgard.com.
Forward-Looking Statements This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than statements of
historical facts included in this press release are forward-looking
statements. All forward-looking statements speak only as the date
of this press release. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause the actual results, to be materially different from any
future results expressed or implied by such forward-looking
statements. Such risks, uncertainties and other factors relate to,
among others, the possibilities of delays in the SEC delaying the
effectiveness of the joint proxy statement/prospectus relating to
the shareholders meetings. Additional information or factors which
could impact the companies and the forward-looking statements
contained herein are included in each company's filings with the
Securities and Exchange Commission, including in Part II, Item 1A,
"Risk Factors," in Public Storage's Quarterly Report on Form 10-Q
and 8-K and in Part I, Item 1A, "Risk Factors," in Shurgard's
Annual Report on Form 10-K. The companies assume no obligation to
update or supplement forward-looking statements that become untrue
because of subsequent events. Additional Information and Where to
Find It This press release does not constitute an offer of any
securities for sale. In connection with the proposed transaction,
Public Storage and Shurgard have filed a preliminary joint proxy
statement/prospectus as part of a registration statement regarding
the proposed merger with the Securities and Exchange Commission.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE
JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT MATERIAL WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT PUBLIC STORAGE AND SHURGARD AND THE PROPOSED
MERGER. Investors and security holders may obtain a free copy of
the definitive proxy statement/prospectus when they become
available and other documents filed by Public Storage and Shurgard
with the SEC at the SEC's website at www.sec.gov. The definitive
joint proxy statement/prospectus and other relevant documents when
they become available may also be obtained free of charge from
Public Storage or Shurgard by directing such request to: Public
Storage, Inc. 701 Western Avenue, Glendale, CA 91201-2349,
Attention: Investor Relations or Shurgard Storage Centers, Inc.,
1155 Valley Street, Suite 400, Seattle, WA 98109-4426, Attention:
Investor Relations. Public Storage and Shurgard and their
respective directors and executive officers may be deemed to be
participants in the solicitation of proxies from the shareholders
of Public Storage and Shurgard in connection with the merger.
Information about Public Storage and its directors and executive
officers, and their ownership of Public Storage and information
about Shurgard and its directors and executive officers, and their
ownership of Shurgard securities, is set forth in the preliminary
joint proxy statement/prospectus included in the registration
statement on Form S-4 filed with the SEC on April 20, 2006 and
amended May 24, 2006, June 12, 2006 and June 19, 2006. Additional
information regarding the interests of those persons may be
obtained by reading the definitive proxy statement/prospectus when
they become available. This communication shall not constitute an
offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
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