SEGRO has rejected a £12.6 billion takeover proposition from the US-based company Prologis, which was submitted on June 16.
The deal was an all-share bid, which valued SEGRO at 925p per share – nearly 25 per cent higher than its market value on June 16’s close, and on 17 June the shares then jumped up by nearly 17.5 per cent
Prologis has achieved successful takeovers of this size before, such as the takeover of the Liberty Property Trust in 2019 for £12.6bn.
Comments
Neil Seager, managing partner of Haslams Surveyors, said: “Prologis’s move for SEGRO is less about scale and more about strategy – using a premier UK and European logistics platform to accelerate its push into data centres, at a time when current stock market pricing looks like it is undervaluing a fundamentally resilient industrial sector.
“Given SEGRO’s rejection of this initial offer, it will be interesting to see what Prologis do next.”
Prologis’s future options
Following this rejection, Prologis now has until July 22 to make another offer or walk away from the potential deal.
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