Prologis Inc. intensified its pursuit of a £12.6 billion ($16.87 billion) takeover of British competitor Segro on Thursday. The industrial real estate leader released a new investor presentation to pressure Segro’s board into formal negotiations. Prologis is now openly urging Segro shareholders to advocate for the merger to maximize long-term value.
Segro’s board previously rejected the June proposal, labeling the offer as undervalued and opportunistically timed. The proposed terms offer Segro shareholders 0.084 new Prologis shares for each share held. Segro reiterated today that the current valuation provides no basis for further engagement.
Prologis has until July 22 to make a formal offer or withdraw under U.K. takeover rules. The company remains a primary component of global real estate ETFs.