Segro PLC CEO David Sleath rejected a £12.6 billion hostile takeover bid from US-based Prologis Inc. Sleath dismissed the unsolicited offer as opportunistic, one-sided, and inadequate in a July 12 interview with The Sunday Times. He remains committed to leading the UK-based warehouse and data center developer.
Prologis Inc. must submit a firm offer by July 22 under UK takeover rules. Failure to do so will bar the company from making another bid for six months.
The Segro board argues the 925 pence per share offer undervalues its European warehouse and data center network. Segro shares have climbed 31% over the last year amid high demand for industrial properties. This potential deal marks a major consolidation attempt in the growing logistics real estate sector.