Segro declines Prologis’ third takeover offer, valuing the UK logistics firm at £13.5 billion with a 20% cash component.
Prologis increased its takeover bid for Segro to £13.5 billion ($18.2 billion), a 6% rise from its initial proposal, including a 20% cash option. The offer represents a 41% premium over Segro’s three-month weighted average share price, proposing .089 new PLD shares per SGRO share held.
Previous bids were all-stock, but Segro rejected all three, citing timing and undervaluation. Prologis argues the deal would expand Segro’s logistics network and reduce capital costs, while Segro insists its standalone growth plan is stronger.
Prologis must finalize its intentions by 5:00 pm London time Wednesday under UK takeover rules.