Prologis Ups Pressure on SEGRO With £13.5 Billion Takeover Bid
Prologis has launched a third attempt to acquire SEGRO in a deal valued at approximately £13.5 billion, introducing a partial cash alternative to sway shareholders after the target company’s board rejected two previous proposals. The move marks a high-stakes escalation in the logistics real estate sector.
The latest offer consists of 0.0890 Prologis shares for each SEGRO share alongside a £2.7 billion cash component, pricing the target at 993 pence per share. This represents a 9.7 percent premium over SEGRO’s pro forma adjusted net asset value and a 33.8 percent increase over the company's share price prior to the offer period. Prologis leadership argues the proposal offers superior value, citing a robust global platform and successful data center development as evidence of their ability to deliver growth that exceeds SEGRO’s standalone strategy.
Prologis has openly criticized the SEGRO board’s defense, labeling their valuation assumptions as unrealistic and pointing to a 2.2 percent decline in SEGRO's net asset value during the first half of 2026. Furthermore, the bidder highlighted a missed opportunity from March 2024, when an earlier all-share proposal was dismissed by SEGRO management. Prologis claims that shareholders would be 36.5 percent better off today had that deal proceeded. While SEGRO has rejected the latest overtures, Prologis continues to urge investors to press for engagement, noting that a secondary listing on the London Stock Exchange remains a possibility if the combination proceeds.
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