Source: Sharecast
The company noted that in December 2025, it received an indication from an interested party of a valuation level at which it could make a proposal. However, the board concluded that it was not at a level that reflected the full potential of the group and discussions were terminated.
"The board and management team continue to focus on executing the company’s clear and proven strategy," it said on Thursday. "The board is also cognisant of its fiduciary duties and continually evaluates all options for maximising shareholder value."
The statement came after Ancora - which has a stake of more than 4% - said Big Yellow was "materially" undervalued in the public market due to slow UK economic growth, a weak domestic housing market, the failed take-private by Blackstone in 2025 and its "capital-intensive yet high-potential" property development pipeline.
It urged the board to launch a comprehensive strategic review, including a sale process, "soliciting interest from the deep pool of likely strategic and financial acquirers globally". It said a sale of Big Yellow represents "the best risk-adjusted" outcome for shareholders.
Also on Thursday, the Financial Times reported that a second activist investor - Irenic Capital Management - has been engaging with Big Yellow’s board for months, arguing that its shares are undervalued and it should explore a sale. Irenic has built a stake of around 4% in the company.
At 1220 BST, the shares were up 3.2% at 868.50p.
Dan Coatsworth, head of markets at AJ Bell, said: "The general direction of Big Yellow’s share price over the past five years has been down, so it is no wonder that investors are losing patience.
"News that 4% shareholder Ancora is pushing for a corporate sale is no surprise as Big Yellow doesn’t seem to be doing anything radical to drive a re-rating in its stock.
"It is currently selling various industrial estate assets while at the same time acquiring more sites and investing in automation.
"One might suggest it is just getting on with the job, but that is clearly not enough for some investors given the shares are languishing in value territory.
"The self-storage group’s net asset was £13.70 a share as of 31 March 2026 versus an 842p share price as of 14 October market close.
"Ancora believes the company has £12.36 per share intrinsic value, suggesting decent upside from the market value if a buyer were to be found. It is understood that Blackstone sniffed around the business last year but wasn’t offering the right valuation to win over Big Yellow.
"Activist investors often do a lot of their negotiations behind closed doors. They typically only go public with demands if the door has been shut in their face or not even opened in the first place. Ancora is now going big with its demands in public, with a dedicated website and an appearance on the public stage at an investment conference. That suggests it is going to bang the drum and try and get support from other shareholders to force Big Yellow to do something."
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