Ancora Holdings Group, which holds more than 4% of Big Yellow Group, has called on the self-storage company to put itself up for sale. The activist wants the board to launch a full strategic review that would invite interest from both strategic and financial buyers worldwide. James Chadwick, president of Ancora Alternatives, presented the case at the Sohn San Francisco Investment Conference on 13 October.
Ancora argues that a sale is the best risk-adjusted outcome for shareholders. It values Big Yellow's intrinsic value at £12.36 a share, based on a 5.1% capitalisation rate, implying upside of at least 54% from the share price on 9 October. The activist says the shares trade at a discount of almost 40% to net asset value. Big Yellow is valued at 14.6 times forward EBITDA, the lowest in its 26 years on the stock market and about 31% below its historical average of 21.1 times. Ancora blames weak UK economic growth, a soft housing market, the cost of the development pipeline, and the collapse of last year's takeover talks.
The campaign revisits a takeover saga that ended less than a year ago. Blackstone said on 13 October 2025 that funds it advises were considering a possible cash offer. After requesting more time, it saw its deadline extended to 8 December. On 4 December, Big Yellow's board concluded there was "no basis for continuing discussions" and refused to extend the deadline again. The following day, Blackstone confirmed it did not intend to make an offer. Neither side disclosed a price.
Ancora believes that was a missed opportunity and says its due diligence suggests buyer appetite remains strong. If Big Yellow stays listed, the activist proposes selling non-core assets, rebranding or selling its Armadillo brand, monetising its development pipeline, and buying back shares. Ancora said it intends to engage constructively with the board.
Source: PE Insights · Summarized by HeadlinesBriefing