Key Moments
- Prologis has proposed acquiring Segro in a deal valued at about £14 billion ($18.8 billion), or £10.32 per share.
- The latest offer values each Segro share at 1,031.7 pence, combining Prologis stock with a partial cash alternative of up to £3.5 billion.
- Segro shares rose nearly 4% to 901.2 pence by 0916 GMT after news of the approach emerged.
Takeover Proposal Details
On July 22, U.S. logistics company Prologis presented a takeover proposal for UK-based Segro valued at roughly £14 billion ($18.8 billion). The offer, made on a Wednesday, equates to £10.32 per Segro share and was submitted shortly before a takeover deadline.
According to the latest proposal, each Segro share is being valued at 1,031.7 pence. The structure of the bid includes 0.0920 Prologis share for every Segro share, alongside a partial cash alternative of up to £3.5 billion.
Market Reaction
Following disclosure of the approach, Segro’s stock gained nearly 4%, trading at 901.2 pence by 0916 GMT. The share price reaction reflects investor focus on the proposed terms and the implied premium to the pre-approach trading level.
Company Engagement
Segro confirmed that it has been in contact with Prologis regarding the proposal. A company spokesperson said in a statement emailed to Reuters ahead of the revised bid: “We met and engaged with Prologis over the weekend and have been clear that we would consider and engage again on a revised proposal.”
Key Financial Terms
| Item | Detail |
|---|---|
| Headline deal value | About £14 billion ($18.8 billion) |
| Offer value per Segro share (headline) | £10.32 |
| Latest proposal valuation per share | 1,031.7 pence |
| Share consideration | 0.0920 Prologis share per Segro share |
| Partial cash alternative | Up to £3.5 billion |
| Segro share price at 0916 GMT | 901.2 pence |
| FX reference | $1 = 0.7478 pounds |
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