Overview
- Segro’s board unanimously rejected Prologis’s enhanced proposal on Monday, leaving the takeover tussle unresolved and the companies publicly at odds.
- Prologis’s third offer combined stock and cash, proposing 0.089 Prologis shares for each Segro share plus up to £2.7bn in cash and valuing Segro at £13.5bn.
- The parties disagree over value and execution risk, with Prologis saying Segro underestimates risks in long‑dated, often unzoned development projects and Segro calling the approaches opportunistic.
- Under City takeover rules Prologis has until 5pm on July 22 to make a firm offer or withdraw and has signalled it may press its approach and consider a London secondary listing if a deal goes ahead.
- The contest has pushed Segro’s shares about 21% higher since late June and prompted warnings from analysts that a sale could speed consolidation in UK logistics real estate and shift where control and capital sit.