SEGRO has rejected a £12.6bn takeover bid from rival industrial and logistics developer Prologis.
Under Prologis’s proposal, SEGRO shareholders would receive 0.084 new Prologis shares for each SEGRO share, which based on the Prologis share price of $145.3 on 23 June 2026, implied a value of 925p per SEGRO share.
Following completion of the proposed deal, which would create a global industrial and logistics REIT with a $140.9bn market capitalisation, SEGRO shareholders would hold approximately 10.5% of Prologis’s issued share capital.
Prologis said its “global platform, balance sheet strength and diversified capital base can unlock the significant embedded value of SEGRO’s development and data centre pipeline”. It urged SEGRO shareholders to encourage the SEGRO board to engage with Prologis to allow a binding offer to be put to SEGRO shareholders for their consideration.
The board of SEGRO “unanimously and unequivocally” rejected the proposal, which it said “falls a long way short of SEGRO’s own views on value”.
It added: “The board of SEGRO considered the proposal together with its advisers and believed that the proposal was opportunistically timed and sought to take advantage of the clear dislocation between SEGRO’s current share price and its highly attractive underlying business and strong prospects. This has been accentuated by major geopolitical issues which have adversely impacted trading valuations across the UK and European real estate sectors relative to the US REIT sector.
“SEGRO has a clear strategy, supported by a strong balance sheet and a proven operating platform. Momentum is building in SEGRO’s occupational markets and the company has a large and attractive development pipeline, including an exceptional data centre platform, as well as a long track record of delivery. Accordingly, the board remains very confident in SEGRO’s ability to capture substantial value for its shareholders during the coming years.”
Prologis has until 5pm on 22 July 2026, to either announce a firm intention to make an offer for SEGRO or announce that it does not intend to make an offer. Off the back of the announcement this morning, SEGRO’s share price soared by 16%.
