SEGRO Rejects Unsolicited Prologis Proposal Valuing Shares at 925 Pence
SEGRO's board has unanimously rejected an unsolicited proposal from Prologis for the acquisition of its entire share capital, valued at 925 pence per share as of June 23.
A Rejected Share Exchange Proposal
On June 16, 2026, SEGRO received a proposal from Prologis suggesting an exchange of 0.084 Prologis shares for each SEGRO share. Based on Prologis's closing price of 145.3 USD and a GBP/USD exchange rate of 1.32 on June 23, 2026, this proposal valued each SEGRO share at 925 pence.
Board Considers the Proposal Inadequate
SEGRO's board considered the proposal to be opportunistic in timing and aimed at capitalizing on a discrepancy between the current share price and the underlying attractive business and strong outlook perceived by SEGRO. The board noted that this discrepancy had been exacerbated by major geopolitical issues that negatively impacted valuations of British and European real estate compared to the American REIT sector.
Regulatory Timeline and Offer Conditions
In accordance with the rules of the Takeover Code, Prologis must announce by no later than July 22, 2026 (28 days after June 24), either a firm intention to make an offer or a decision to abandon the proposal. This deadline can only be extended with the consent of the Takeover Panel. Prologis's announcement does not constitute a firm intention to proceed with an offer.
