Prologis has submitted a third takeover proposal for SEGRO, increasing its offer and introducing a partial cash alternative after previous proposals were rejected. The revised proposal offers 0.0890 new Prologis shares for each SEGRO share, a 6% increase from the initial proposal, and includes a partial cash alternative of up to £2.7 billion, representing 20% of the total consideration at a fixed price of 1,000 pence per SEGRO share, subject to pro-rata scale-back. Based on Prologis's closing share price on July 17, the proposal values each SEGRO share at 993 pence and SEGRO's equity at approximately £13.5 billion. The offer represents premiums of 9.7% to adjusted NAV, 33.8% to the June 23 closing price, 36% to the one-month VWAP, and 41.1% to the three-month VWAP. Upon completion, assuming the partial cash alternative is fully subscribed, existing SEGRO shareholders would own approximately 9.2% of the combined company.
Segro PlcSEGRO is the target of a raised takeover offer at a significant premium to recent prices, benefiting shareholders.
Prologis IncPrologis is the acquirer in a strategic takeover bid for SEGRO, potentially expanding its portfolio and market position.