Shurgard Rejects Proposal From Public Storage

Shurgard Storage Centers Inc., a self-storage real estate investment trust in the United States and Europe, declined an unsolicited $2.5 billion takeover proposal submitted by Public Storage Inc. Public Storage offered to buy Shurgard through a fully taxable all-stock transaction, exchanging .8 shares of Public Storage common stock for each outstanding share of Shurgard stock. The Shurgard Board of Directors rejected the proposal unanimously, determining the combination of the companies on the suggested terms would not be in the best interest of the companys shareholders. For more information, visit http://investorrelations.shurgard.com.