Prologis has intensified its pursuit of Segro after the London-based logistics warehouse operator rejected a £12.6 billion all-stock takeover bid. The San Francisco-based real estate investment trust outlined its financial and strategic thesis on Tuesday, arguing the combination would unlock significant value beyond the initial 25% premium to Segro's share price. Prologis claims Segro trades at a discount due to dilutive equity issuances and lagging earnings, while Prologis offers a fortress balance sheet and access to capital that could accelerate Segro's development and data center pipeline. Segro's chairman called the offer inadequate, opportunistic, and one-sided, stating the company's standalone plan can deliver superior shareholder value. Shares of Prologis were down 2.2% while Segro shares rose 7.8% in early trading.
Segro PlcSegro received a £12.6 billion takeover bid at a 25% premium, and its shares rose 7.8%.
Prologis IncPrologis's bid for Segro was rejected, and its shares fell 2.2% on the news.