Prologis said its third proposal was at a 33.8% premium to Segro stock’s closing price on June 23, before the first offer was made. www.wsj.com/finance/inve...

Prologis, a U.S. logistics real estate giant, has made an all-share offer to acquire SEGRO, a London-listed property company, for approximately £12.6 billion ($15.8 billion). The initial proposal, made on June 16, 2026, and publicly announced on June 24, 2026, offered 0.084 new Prologis shares for each SEGRO share. Based on Prologis's share price of $145.3 and a GBP:USD exchange rate of 1.32 on June 23, 2026, this valued each SEGRO share at 925 pence. This represented a 24.6% premium to SEGRO's closing share price of 742 pence on June 23, 2026, and would give SEGRO shareholders approximately a 10.5% stake in the combined entity.

SEGRO's board unanimously and unequivocally rejected the offer, deeming it inadequate, opportunistic, and one-sided. They argued the proposal failed to reflect their future income and value from logistics development and data center pipelines, the scarcity of their portfolio, and the quality of their operating platform. SEGRO Chairman Andy Harrison stated that Prologis was attempting to acquire SEGRO "on the cheap" during a period of share price dislocation caused by the Middle East conflict. SEGRO stressed that capital was not a constraint on its growth strategy and that it had a unique and irreplicable portfolio, especially in urban assets in Europe and a significant data center platform.

Prologis, meanwhile, urged SEGRO shareholders to encourage their board to engage in discussions, emphasizing the compelling opportunity for SEGRO shareholders to unlock significant upside and participate in the world's largest logistics REIT, with a $140.9 billion market capitalization. Prologis noted that the proposal's value had declined to 881 pence per SEGRO share by June 29, 2026, due to changes in Prologis's share price, representing a 5% drop since the start of the offer period. SEGRO plans to provide more details on its growth strategy and value, including its development pipeline and data center strategy, in the week commencing July 6, 2026, to demonstrate its superior standalone value proposition.