Segro Rebuffs £12.6bn Approach From US Rival in Latest Takeover Tilt for UK Firm
Prologis is urging Segro investors to press for talks as the offer values the warehouse landlord at 925p a share, a 25% premium.
- On Wednesday, American logistics firm Prologis made public its £12.6 billion takeover proposal for Britain's warehouse landlord Segro after the board rejected the initial approach, seeking to build pressure on management to engage.
- Segro's board "unanimously and unequivocally rejected the proposal," calling it "opportunistically timed" and claiming it fails to reflect the company's true value and underlying business prospects.
- The proposal offers 925 pence per share, a roughly 25% premium to Tuesday's £7.42 closing price, while giving Segro shareholders around 10.5% of the combined group.
- Shares in Segro surged more than 20% following the announcement, hitting their highest since September 2024. Prologis faces a July 22 deadline to make a formal offer or walk away under British takeover rules.
- The bid follows Intertek's recent £9.5 billion agreement with Swedish investor EQT, reflecting foreign interest in Britain's undervalued firms. Weaker valuations are putting Britain on course for record dealmaking in 2026.
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Evening Standard
Belfast TelegraphSegro bid boosts FTSE 100 as gold and oil sink
UK warehouse landlord Segro rejected a £12.6 billion takeover proposal from US logistics property giant Prologis.
Prologis, the largest owner of industrial property in the world, reported that it had submitted a proposal for the purchase of £12.6 billion (US$16.63 billion) by the British competitor Segro, who rejected the offer. Exclusive material for subscribers. To have full access, access the link of the material and register.
Segro reject ‘opportunistically timed’ £12.6bn takeover bid
Shares in the FTSE 100 listed UK property group Segro jumped 17 per cent after the company rejected a £12.6bn takeover bid from US rival Prologis. Segro owns a portfolio of warehouses and data centres, mainly in the South East of England, and has benefited from the growth of online shopping. The company’s board ‘unanimously and unequivocally rejected the proposal’, which it said fell ‘a long way short’ of own valuation and was ‘opportunistically…
Warehouse firm Segro rejects Prologis move
Warehouse property developer Segro has rejected a £12.6 billion takeover approach from US rival Prologis. San Francisco-based Prologis has proposed buying FTSE 100 firm Segro in a deal worth £9.25 a share. The move was rejected yesterday (June 23). It is understood Segro shareholders would own around 10.5 per cent of the combined…
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