Prologis Wins Segro Backing for Record £14 Billion Takeover

Prologis Inc. has put forth a "best and final" offer to acquire Segro Plc, the United Kingdom's largest publicly traded landlord, valuing the deal at approximately $18.7 billion (£14 billion). The proposal involves offering Segro shareholders 0.092 new Prologis shares for each Segro share, which marks a 9.5% increase from Prologis' initial approach. Additionally, a partial cash alternative is included, allowing shareholders to receive up to $4.68 billion (£3.5 billion), or about 25% of the total consideration, at a fixed price of 1,031.7 pence per Segro share.

This revised offer follows Segro's rejection of Prologis' third acquisition attempt. The new bid represents significant premiums over Segro's recent share prices. It is a 14.0% premium to Segro's pro forma adjusted net asset value of 905 pence per share as of June 30, 2026. Furthermore, it offers a 39.0% premium to Segro's closing price of 742 pence per share on June 23, 2026, a 41.3% premium to the 1-month volume-weighted average price of 730 pence, and a 46.6% premium to the 3-month volume-weighted average price of 704 pence as of the same date.

Prologis has stated that this is its "best and final" proposal and will not be increased. Based on Prologis' closing share price of $149.94 and a GBP:USD exchange rate of 1.3371 on July 21, 2026, the deal values each Segro share at 1,031.7 pence. Following the completion of the acquisition, assuming full take-up of the partial cash alternative, current Segro shareholders would hold approximately 8.9% of Prologis' issued share capital.

Prologis is also seeking an extension to the Takeover Panel's "Put Up or Shut Up" (PUSU) deadline, which was set for 5 PM BST on July 22, 2026. This extension is requested to allow adequate time to finalize the terms and conditions for a recommended firm offer that aligns with the financial aspects of this latest proposal. Prologis intends to explore the possibility of a secondary listing on the London Stock Exchange, contingent on sufficient investor demand and engagement from Segro's board.