Key facts
- Prologis has made a revised £14 billion takeover offer for UK logistics firm Segro.
- The offer values Segro at £10.32 per share, with a partial cash alternative of £3.5 billion.
- Segro's board has rejected the proposal, stating it undervalues the company.
- Prologis has made multiple previous offers, all rejected by Segro.
- The US firm has urged Segro to extend its 'put up or shut up' deadline.
US real estate firm Prologis has tabled a revised "best and final" £14 billion ($18.8 billion) offer for UK-based Segro, valuing the FTSE 100 property company at £10.32 per share. The proposal includes a partial cash alternative of £3.5 billion. Segro's board has rejected the offer, with Chairman Andy Harrison stating it does not reflect the company's value, scarcity, or long-term prospects, particularly its development pipeline and expansion into data centers. Prologis has made multiple previous bids, including a £13.5 billion offer, all of which Segro rejected as opportunistic and inadequate. Prologis is urging Segro to extend its "put up or shut up" deadline beyond the 5pm deadline today to discuss the new offer. Norges Bank and APG Asset Management, significant shareholders in both companies, have encouraged constructive dialogue. Segro shares rose nearly 4% on the news.