Key facts
- Segro's board is 'minded to accept' Prologis' revised £14 billion takeover offer.
- The latest offer values Segro at £10.54 per share.
- Prologis' third bid was valued at approximately £13.5 billion ($18.2 billion).
- The deadline for a binding offer has been extended to August 12.
- Segro's board believes it can offer better shareholder value as a standalone company.
Segro, a UK-based industrial REIT, has indicated it is 'minded to accept' a revised £14 billion takeover offer from its larger US rival, Prologis. This latest proposal, which values Segro at £10.54 per share, represents a 6% increase in the stock component and includes a partial cash option of up to £2.7 billion ($3.6 billion). Prologis aims to accelerate Segro's growth, particularly in the data center sector, and would explore a secondary listing on the London Stock Exchange. However, Segro's board unanimously rejected the third bid, deeming it opportunistic and asserting that the company can deliver better standalone shareholder value. Segro remains open to further engagement. Prologis' initial £12.6 billion ($16.6 billion) bid was disclosed on June 24, with a second, undisclosed offer rebuffed on July 12. Segro shares have risen nearly 21% since Prologis' interest became public.