Overview
- Segro turned down Prologis’ improved cash-and-stock proposal last week that valued the company at £13.5 billion and priced Segro shares at £9.93 each.
- Prologis’ offer would give shareholders 0.0890 Prologis shares per Segro share plus up to £2.7 billion in cash and includes a signal that Prologis may seek a secondary London listing.
- The duel centres on how to value long-dated, speculative data-centre development pipelines, with Prologis saying Segro understates zoning and tenant risk and Segro warning the approach is opportunistically timed.
- Prologis has publicly urged Segro shareholders to press for board engagement and has claimed investors would have been better off accepting an earlier proposal, a claim that has heightened pressure on owners.
- Under UK takeover rules Prologis must either make a firm bid or withdraw by 5pm on Wednesday July 22, and the outcome could alter capital access for UK-listed real-estate firms and reshape investor returns.