Prologis Makes Final £14 Bln Bid For SEGRO

(RTTNews) - U.S. logistics real estate company Prologis, Inc. (PLD) on Wednesday announced its "best and final proposal" to acquire UK warehouse landlord SEGRO plc (SGRO.L), valuing the company at approximately £14 billion.

Under the revised proposal, Prologis would offer 0.0920 new Prologis shares for each SEGRO share, a 9.5% increase from its initial proposal, along with a partial cash alternative of up to £3.5 billion, representing about 25% of the total consideration.

Based on Prologis' closing share price of $149.94 on July 21, 2026, and assuming shareholders elect for 25% cash, the proposal values each SEGRO share at 1,031.7 pence. This represents a 14% premium to SEGRO's pro forma adjusted net asset value of 905 pence per share as of June 30, 2026, and a 39% premium to its closing share price of 742 pence on June 23, 2026, the day before the offer period began.

Under the latest proposal, SEGRO shareholders who elect the partial cash alternative would receive 257.9 pence in cash and 0.0690 new Prologis shares for each SEGRO share.

If the partial cash alternative is fully taken up, existing SEGRO shareholders would own approximately 8.9% of the combined company. SEGRO shareholders would also continue to receive dividends up to the specified amounts without any reduction in the offer terms.

Prologis also intends to explore the feasibility of a secondary listing of its shares on the London Stock Exchange, subject to sufficient investor demand.

The company urged the SEGRO board to seek an extension of the July 22, 2026 "Put Up or Shut Up" deadline to allow more time to finalize the remaining terms and conditions of a recommended offer. Prologis added that the offer price is final and will not be increased except under certain circumstances, such as the emergence of a competing bidder.

As of this writing, SEGRO shares are trading more than 3% higher at 898.80 pence, while Prologis shares are nearly 1% down in pre-market trading following Tuesday's close of $149.94.