Segro has rejected a third takeover approach from US suitor Prologis, which valued the British warehouse property developer at £13.5 billion. Prologis said it made a new cash-and-stock proposal on July 16 worth £9.93 a share, up from an initial £9.25 a share approach worth £12.6 billion and a second proposal on July 10. The latest bid represents a 34% premium to Segro's closing share price before the interest was made public, and includes a cash element of up to £2.7 billion, or 20% of the total. Prologis is urging Segro shareholders to encourage the board to enter discussions and is considering a secondary London listing if a deal proceeds. Under UK takeover rules, Prologis has until 5pm on July 22 to make a firm offer or walk away.
Segro PlcSegro rejected a third takeover approach at a 34% premium, indicating the board believes the company is worth more or wants to remain independent, which can boost shareholder confidence.
Prologis IncPrologis's third takeover bid for Segro was rejected, potentially blocking its acquisition strategy and wasting deal costs.