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Prologis raises SEGRO offer to 993 pence a share with £2.7 billion cash option

Prologis raises SEGRO offer to 993 pence a share with £2.7 billion cash option

Norway’s wealth fund urged Prologis and SEGRO to hold merger talks after SEGRO rejected Prologis’ sweetened roughly £13.5 billion third proposal, as a July 22 UK takeover deadline approaches.

Fact Check
Every specific element of the claim is directly confirmed by primary and independent sources. Prologis' official PR Newswire announcement confirms the 993 pence per share valuation, the £2.7bn partial cash alternative, the ~£13.5bn total equity value, the 17 July 2026 rejection, and the 22 July 2026 firm-offer deadline under Takeover Code Rule 2.6(a). Reuters ('993 pence per share', '£13.5 billion', '£2.7 billion' partial cash alternative, 'July 22 deadline') and WSJ (£13.5bn, third offer rejected) independently corroborate these facts.
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Summary

Prologis said talks with SEGRO management did not provide enough clarity on whether a transaction could win the SEGRO board's recommendation, even after it raised its proposal to a see-through value of 993 pence a share with a partial cash alternative of up to £2.7 billion. Norges Bank Investment Management, which manages Norway’s $2.3 trillion sovereign wealth fund, urged both boards to begin merger talks after SEGRO rejected Prologis’ sweetened third offer valuing the UK warehouse owner at about £13.5 billion, while SEGRO said it remained open to further engagement if Prologis improves its proposal. Prologis must by 5:00 p.m. London time on July 22, 2026 either announce a firm offer under UK takeover rules or say it will not proceed, unless the deadline is extended.

Terms & Concepts
  • NAV: Net asset value, a measure of a company's assets minus liabilities, often expressed on a per-share basis.
  • EPRA Net Initial Yield: A property metric that compares a real estate asset's rental income with its market value to indicate income return.
  • Rule 2.6(a) of the Code: UK takeover rule setting a deadline for a bidder to make a firm offer or walk away.