Segro PLC Chief Executive David Sleath rejected a £12.6 billion hostile takeover bid from US-based Prologis Inc. Sleath dismissed the approach in a July 12 interview with The Sunday Times. He described the unsolicited offer as opportunistic, one-sided, and inadequate while committing to lead the UK-based developer.
Prologis faces a July 22 deadline to present a firm offer under UK takeover rules. A failure to bid would bar the company from a pursuit for six months. The Segro board argues the company's value exceeds the 925 pence per share offer. Directors cited the unique value of their UK and European warehouse network and data center operations.
Segro's share price rose 31% over the past year. This battle between logistics giants could trigger further sector consolidation.