Classroom continues

From today's NYTimes...looks like the storage business is heating up (watch out for Arns and Joe K!)

August 2, 2005
Shurgard Rejects Takeover Bid From Rival
By BLOOMBERG NEWS
Shurgard Storage Centers rejected a $2.39 billion takeover bid from Public Storage, the nation's largest operator of self-storage facilities, yesterday, saying it was not for sale.
Shurgard's shares rose as much as 18 percent after Public Storage disclosed that it had made the offer on July 8.
The bid is now valued at $53.40 a share, or $2.49 billion, because of the gain in Public Storage's stock price.
"This proposal is good for Public Storage, but bad for Shurgard," said Charles K. Barbo, chief executive of Shurgard, which is based in Seattle.
Public Storage, based in Glendale, Calif., tried to buy Shurgard five years ago. It said yesterday that a combined company would have lower costs. Ronald L. Havner Jr., the chief executive of Public Storage, said in a conference call that his company wanted to negotiate with its competitor.
Mr. Havner said he was not planning an immediate hostile takeover attempt.
"Our real desire is to sit down with the senior management team of Shurgard and have positive discussions," Mr. Havner said.
Shurgard's shares rose $6.10 to close at $53 on the New York Stock Exchange. They traded earlier as high as $55.20, a record high. Public Storage shares fell $1.15, to $65.60.