The all-share proposal valued Segro at 925 pence a share, but the warehouse landlord rejected it as opportunistic and said it fell well short of its valuation.
Prologis disclosed a £12.6 billion all-share takeover proposal for Segro after the British warehouse landlord rejected the approach, seeking to pressure the board to engage before a July 22 deadline under U.K. takeover rules. The offer would give Segro shareholders 0.084 new Prologis shares for each share held, implying a value of 925 pence per share, about 25% above Segro’s Tuesday close but roughly in line with its last reported book value. Segro said its board had unanimously and unequivocally rejected the proposal as opportunistically timed and well below its view of the company’s value. Shares in Segro jumped more than 20% to 892 pence, their highest level since September 2024. Prologis said Segro has traded at a persistent discount to net asset value and faces constraints in unlocking value from its development and data centre pipeline, which has drawn greater attention alongside rapid AI-driven demand. The approach adds to a broader run of foreign interest in London-listed companies and follows Castlelake’s decision to make its easyJet bid public after being rebuffed three times.