Big Yellow Group (LON: BYG) has disclosed that it ended talks with an interested party after judging a valuation indication, received on the 4th of December 2025, too low. The self-storage operator, which runs 115 stores, made the disclosure in a 7am statement today responding to media coverage.
The shares closed yesterday at 842p, up 43p or 5.38% from 799p. That still leaves them 7.5% below the 910p close of the 4th of August. London has not yet opened today.
Big Yellow’s statement says the board notes coverage that a shareholder it met recently is encouraging it to explore a sale. It does not name the shareholder. Activist investor Ancora published a public call for a sale on Tuesday.
The board then recalled its statement of the 13th of October 2025, when it said it had held meetings with a small number of parties on options including a potential sale. On the 4th of December 2025, it said, an interested party indicated a valuation level at which it could make a proposal. The party is not named and no price is given.
The board concluded that level did not reflect the full potential of the company, so discussions ended. It added that it continues to focus on its strategy, is cognisant of its fiduciary duties, meaning its legal obligations to shareholders, and continually evaluates all options for maximising shareholder value. That leaves the door to a sale open, though the board says it has already judged one valuation level too low.
Ancora Holdings Group, which says it holds more than 4% of Big Yellow, published its case after Tuesday’s close. James Chadwick, President of Ancora Alternatives, presented it at the Sohn San Francisco Investment Conference. Ancora wants a strategic review including a sale process open to acquirers globally. The firm said:
Ancora believes that a sale of Big Yellow represents the best risk-adjusted outcome for shareholders.
Ancora Holdings Group
Ancora argues the shares trade at almost 40% below net asset value and puts intrinsic value at £12.36 a share. It points to slow UK growth, a weak housing market and Blackstone’s failed 2025 take-private as reasons for the discount.
No offer has been disclosed. London opens at 8am, the first chance for the market to trade on the board’s statement.