Prologis Increases SEGRO Takeover Bid, Seeks Deadline Extension
Industrial real estate giant Prologis, Inc. has submitted a revised "best and final" takeover proposal for SEGRO plc, increasing its offer by 9.5 percent. The company is requesting additional time from regulators to finalize the terms.
Prologis, Inc., a major industrial real estate company, has announced a revised takeover proposal for SEGRO plc. This latest offer represents a 9.5 percent increase compared to Prologis' initial bid and values SEGRO at approximately £14.0 billion.
The "best and final" proposal consists of an exchange of Prologis shares for SEGRO shares, along with an option for SEGRO shareholders to receive partial cash consideration. Under the terms, SEGRO shareholders would receive 0.0920 new Prologis shares for each SEGRO share, with a partial cash alternative available at a fixed price of 1,031.7 pence per SEGRO share. This valuation represents a 14.0 percent premium to SEGRO's pro forma adjusted net asset value per share.
Prologis stated that this offer is final and will not be increased, except under specific circumstances such as a competing offer from a third party or with the consent of the Takeover Panel. The company has formally requested the UK Takeover Panel to extend the deadline for the offer, which was originally set for July 22, 2026. This extension is sought to allow sufficient time to finalize the terms and conditions of a recommended firm offer.
If the combination is completed, existing SEGRO shareholders would hold approximately 8.9 percent of the combined entity's shares. Prologis also indicated it is exploring the feasibility of a secondary listing on the London Stock Exchange, contingent on sufficient investor demand and engagement from the SEGRO board.