Prologis has put forward a final takeover bid for Segro, valuing the company at £14 billion. This latest proposal, which equates to 993 pence per share, represents a 9.7 percent premium over Segro's latest pro forma adjusted Net Asset Value (NAV) of 905 pence per share. Prologis believes this offer provides Segro shareholders with entry into an exchange offer, allowing them to benefit from Prologis' superior earnings growth, liquidity, and rating compared to Segro as a standalone entity.
Prologis' pursuit of Segro has been ongoing since early June, with Segro's board consistently rejecting approaches. Segro previously rejected a March 2024 proposal within 72 hours, a decision Prologis claims left Segro shareholders 36.5 percent worse off. Prologis maintains that Segro's current valuation struggles are due to a low growth outlook, with consensus forecasts implying only 4.7 percent annual growth over the next three years and 6.4 percent through 2030, which the market finds insufficient for trading at EPRA NTA.
Despite a meeting between Prologis and Segro management on Sunday, Prologis expressed disappointment that the discussions did not yield meaningful clarity on a path forward. Prologis highlighted that Segro's NAV declined from 925 pence per share to 905 pence per share over the six months to June 30, 2026, which Prologis noted is unusual for a real estate defense document during an offer period. Under Takeover Panel rules, Prologis faces a deadline of 5:00 pm (London time) on July 22, 2026, to either make a firm offer or announce its intention not to make one.
