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Segro Rejects Prologis' Third Takeover Bid
20 Jul
Summary
- Segro rejected Prologis' third takeover proposal valuing it at £13.5 billion.
- The rejected offer included shares and a partial cash alternative.
- This is the second time Segro has refused an improved bid from Prologis.
British warehouse landlord Segro has rejected a third takeover proposal from U.S. logistics giant Prologis. The latest offer, presented on Monday, valued Segro at approximately £13.5 billion ($18.18 billion).
Segro's board unanimously decided against the proposal, which comprised 0.0890 new Prologis shares for each Segro share, along with a partial cash alternative up to £2.7 billion. This rejection follows a similar decision in June when Segro also dismissed an all-share proposal from Prologis, deeming it 'opportunistically timed' and significantly below fair value.
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