Filed by Public Storage, Inc.
Pursuant to Rule 165 and Rule 425(a) under the
United States Securities Act of 1933, as amended
Subject Company: Shurgard Storage Centers, Inc.
Commission File No. 001-11455
Date: August 17, 2005
NEWS RELEASE
Public Storage, Inc.
701 Western Avenue
Glendale, CA 91201-2349
WWW.PUBLICSTORAGE.COM
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For Release: Immediately
Date: August 17, 2005
Contact: Clemente Teng
(818) 244-8080
Joele Frank / Eric Brielmann
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
PUBLIC STORAGE, INC. RETAINS GOLDMAN, SACHS & CO. AS FINANCIAL ADVISOR
GLENDALE, CALIFORNIA -- Public Storage, Inc. (NYSE and PCX: PSA) announced
today that it has retained Goldman, Sachs & Co. as financial advisor in
connection with its previously announced proposal to acquire Shurgard Storage
Centers, Inc. (NYSE: SHU).
"We remain convinced that the combination of Public Storage and Shurgard is
clearly in the best interests of all Shurgard shareholders and are pleased to
announce the addition of Goldman, Sachs & Co. to our team to help us effect this
transaction," said Ronald L. Havner, Jr., Chief Executive Officer of Public
Storage. "Our proposal would provide Shurgard shareholders with the opportunity
to participate in the long-term growth of the combined company. We are
disappointed that Shurgard's Board continues to refuse to sit down with us to
explore the potential of a mutually beneficial transaction, despite the
overwhelmingly positive response from shareholders and analysts to our proposal.
It remains our preference to work cooperatively with Shurgard to effectuate this
transaction."
On August 1, 2005, PSA announced a proposal for the combination of PSA and
SHU through a merger in which each share of SHU common stock would be
exchanged for .80 shares of PSA common stock. Based on PSA's close on
Friday, July 29, 2005, the last day of trading prior to PSA's announcement,
the proposed transaction represented a 14% premium to SHU's stock price.
On August 15, 2005, Standard & Poor's announced that Public Storage will be
added to the S&P 500 Index, after the close of trading on Thursday, August 18,
2005.
The Company previously noted that Wachtell, Lipton, Rosen & Katz is serving
as legal counsel in connection with the proposed transaction.
COMPANY INFORMATION
Public Storage, Inc. is a fully integrated, self-administered and
self-managed real estate investment trust that primarily acquires, develops,
owns and operates self-storage facilities. The Company's headquarters are
located in Glendale, California. The Company's self-storage properties are
located in 37 states. At June 30, 2005, the Company had interests in 1,480
storage facilities with approximately 90.6 million net rentable square feet
(839,000 rentable units).
Additional information about Public Storage, Inc. and the proposal to
Shurgard Storage Centers, Inc. are available on the Internet. The Company's
web site is www.publicstorage.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. These forward-looking statements are subject
to a number of risks and uncertainties, many of which are beyond Public
Storage's control, that could cause actual results to differ materially from
those set forth in, or implied by, such forward-looking statements. All
statements other than statements of historical facts included in this press
release are forward-looking statements. All forward-looking statements speak
only as of the date of this press release. Public Storage undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. There can be no
guarantee that any transaction between Public Storage and Shurgard will occur
or that shareholders of Public Storage or Shurgard will support such a
transaction. For additional information about risks and uncertainties that
could adversely affect Public Storage's forward-looking statements, please
refer to Public Storage's Annual Report on Form 10-K for the fiscal year
ended December 31, 2004.
ADDITIONAL INFORMATION
Subject to future developments, Public Storage may file with the United
States Securities and Exchange Commission a registration statement to
register the Public Storage shares which would be issued in the proposed
transaction. Investors and security holders are urged to read the
registration statement (when and if available) and any other relevant
documents filed with the Commission, as well as any amendments or supplements
to those documents, because they will contain important information.
Investors and security holders may obtain a free copy of the registration
statement (when and if available) and other relevant documents at the
Commission's Internet web site at www.sec.gov. The registration statement
(when and if available) and such other documents may also be obtained free of
charge from Public Storage by directing such request to: Public Storage,
Inc., 701 Western Avenue, Glendale, CA 91201-2349, Attention: Chief Legal
Officer.
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