SEGRO Rejects Improved £13.5 Billion Takeover Bid from US Rival Prologis
British logistics and warehouse operator SEGRO has rejected a second, improved takeover bid from American logistics real estate giant Prologis. The latest proposal valued the UK-based company at approximately £13.5 billion ($18.18 billion), but failed to secure the backing of SEGRO's leadership.
Details of the Rejected Proposals
Prologis announced on Monday that SEGRO's board of directors unanimously rejected its third overall proposal. The American firm has been attempting to acquire its British counterpart to consolidate its global logistics real estate portfolio, but SEGRO has consistently maintained that the offers undervalue its assets.
To illustrate the progression of Prologis's acquisition attempts, the table below compares the known details of the initial and most recent bids:
Bid TimelineTotal ValuationOffer Structure & Per-Share ValueSEGRO Board Response
Initial Bid (June)£12.6 BillionAll-share transaction.Rejected; described as "opportunistic" and significantly below the company's fair value.
Current Bid (Latest)£13.5 Billion
£9.93 per share.
Structured as 0.0890 new Prologis shares for every SEGRO share, plus a partial cash option of up to £2.7 billion.
Unanimously rejected.
Market Context
The repeated rejections highlight SEGRO's confidence in its standalone valuation and its strategic positioning within the European logistics and warehousing market. Despite Prologis sweetening the deal with a substantial partial cash option and a higher overall valuation, the gap between the American giant's offer and the British board's expectations remains unresolved.