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Prologis says SEGRO board open to final proposal as bid deadline extends

Prologis says SEGRO board open to final proposal as bid deadline extends

SEGRO shares rose 7.1% to 958.60 pence after Prologis said SEGRO’s board would be minded to recommend its roughly 14 billion pound best-and-final proposal and the UK takeover deadline was extended to 12 August 2026.

Fact Check
The Business Wire Form 8.3 primary filing confirms MFS disclosed a 1.17% opening position (10,926,847 shares) in Prologis under UK Takeover Panel Rule 8.3, dealing in both Prologis and Segro. The PR Newswire release confirms Prologis's best-and-final proposal with a higher 0.0920 exchange ratio, a £3.5bn partial cash alternative, ~£14bn equity value, and a request to extend the PUSU deadline. Reuters independently corroborates the ~£14 billion valuation. Every component of the claim is directly supported by primary and corroborating sources.
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Summary

Prologis said on July 22, 2026 that SEGRO’s board had concluded the financial terms of its best-and-final proposal were at a level it would be minded to recommend to shareholders, while the UK takeover "Put-up" or "Shut-up" deadline was extended to 5.00 p.m. BST on August 12, 2026 under Rule 2.6(c). Prologis’ proposal values SEGRO at about 14.0 billion pounds and includes 0.0920 new Prologis shares per SEGRO share plus a partial cash alternative of up to 3.5 billion pounds at 1,031.7 pence per share, subject to scale-back. Prologis said the proposal remains final and will not be increased except in limited circumstances, and stressed that the Rule 2.4 announcement does not amount to a firm offer under Rule 2.7, so there is no certainty a bid will be made. Separately, SEGRO shares rose 7.1% to 958.60 pence in early Thursday trading, their highest level since September 2022, leaving the stock up 33% year to date. Massachusetts Financial Services Company also disclosed a 1.17% interest in Prologis in a Form 8.3 filing during the offer period.

Terms & Concepts
  • Form 8.3: A UK takeover disclosure filed by investors with interests of 1% or more in relevant securities during an offer period.
  • Rule 2.4: A UK takeover rule covering announcements of a possible offer that do not amount to a firm intention to bid.
  • "Put-up" or "Shut-up" deadline: The deadline by which a potential bidder must announce a firm offer or state it does not intend to bid.