UK's Segro rejects Prologis' $18.2 billion sweetened takeover proposal
Prologis says its latest proposal adds up to £2.7 billion in cash and gives Segro shareholders a 34% premium.
- British warehouse developer Segro rejected a third takeover approach from Prologis worth £13.5 billion, prompting the San Francisco-based suitor to intensify its campaign to secure the FTSE 100 firm.
- Segro previously dismissed the initial approach, stating it "falls a long way short of Segro's own views on value" and was "opportunistically timed" after recent share price pressure.
- Prologis submitted a new cash-and-stock proposal worth £9.93 a share on Thursday, including a cash element of up to £2.7 billion representing a 34% uplift on the prior closing price.
- The firm urges shareholders to encourage the board to recommend the combination, stating they face a "clear choice" while evaluating a potential secondary listing in London.
- Under City takeover rules, Prologis has until 5pm on July 22 to make a firm bid or walk away, as the deadline pressures both parties to finalize their positions.
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Further Announcement Regarding a Possible Combination of SEGRO and Prologis
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Prologis reported that Segro rejected a third offer of improved acquisition, which evaluates the company in about 13.5 billion pounds. Exclusive material for subscribers. To have full access, access the link of the material and make your registration.
Segro Rejects Fresh £13.5 Billion Cash and Share Prologis Offer
Prologis Inc. has increased its outline bid to buy Segro Plc to £13.5 billion ($18.2 billion) and offered a series of sweeteners as it seeks to tempt shareholders after the UK landlord’s board rejected the latest terms.
UK's Segro rejects Prologis' $18.2 billion sweetened takeover proposal
U.S. warehouse company Prologis said on Monday that Segro rejected its latest £13.5 billion ($18.17 billion) takeover bid, urging its British rival's shareholders to push for its board's engagement ahead of a formal deadline.
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