Tesla was the biggest loser on the S&P 500 index Monday, while Marathon Oil, ConocoPhillips, APA, Hess, and Halliburton were the biggest winners as oil-related names dominated the upside. Crude oil prices jumped 6.3% to $80.42 a barrel on Monday, following the surprise OPEC+ decision to cut production by 1.15 million barrels per day starting in May. Extra Space Storage reached a deal to buy Life Storage for $12.7 billion stock in a deal that will forge the largest U.S. storage company. Digital Realty Trust and Catalent saw declines, while First Solar was downgraded by Morgan Stanley.
Extra Space Storage has agreed to acquire Life Storage for $12.7 billion, creating the largest operator of storage space in the US by number of locations and challenging industry leader Public Storage. The deal is expected to generate at least $100 million in annual savings and improved property revenue.
Extra Space Storage has agreed to merge with smaller rival Life Storage in a $12.7 billion deal, after Life Storage rejected a bid from Public Storage. Life Storage shareholders will receive 0.8950 of an Extra Space share for each share they own, or $145.82, which is more than 30% above Life Storage's stock price before Public Storage's unsolicited offer.
