Segro has rejected an enhanced £13.5 billion, or $18.2 billion, takeover bid from Prologis, the third offer since June. The latest proposal represented a 6% increase over the initial bid and included a 20% cash component, offering Segro shareholders 0.089 new Prologis shares for each share held. Prologis argued the combination would provide access to a larger logistics network and lower cost of capital, while Segro called the bids opportunistically timed to capitalize on a dislocated share price. Under British takeover rules, Prologis has until 5:00 pm London time on Wednesday to finalize firm intentions.
Segro PlcSegro rejected an enhanced takeover bid, indicating the board believes the offer undervalues the company, which is positive for shareholders expecting higher value.
Prologis IncPrologis' enhanced £13.5 billion bid for Segro was rejected, representing a failed M&A attempt and a setback to its expansion strategy.