Prologis is pursuing a hostile takeover of UK rival Segro for approximately £12.6 billion ($16.9 billion). The U.S. firm is now urging Segro shareholders to pressure their board into negotiations. This move follows the board's rejection of an all-share proposal in late June.
Segro’s board dismissed the offer as inadequate, opportunistic, and one-sided. The chairman claims the bid exploits a share price dislocation caused by geopolitical events. Segro leadership maintains the proposal significantly undervalues the company.
Prologis argues the merger offers superior value through a 10.5% stake in a larger global platform. Under UK takeover regulations, Prologis faces a July 22 deadline to finalize a firm offer or withdraw.