Segro Board Would Back Prologis's £14B Bid; Deadline Extended to Aug 12
PLD sits 41% above its 52-week low of $103.41.
Summary
The UK Takeover Panel has extended the deadline for Prologis to make a firm offer for Segro to August 12, giving the company more time to finalize its improved £14 billion bid, which is also reported as $18.7 billion. Segro's board stated it would be minded to recommend the fourth proposal if a firm offer is announced, signaling a potential breakthrough after three prior rejections. Activist investor Palliser has urged Segro to discuss Prologis's bid. Prologis has committed to establishing a secondary listing of its shares on the London Stock Exchange upon completion, addressing a key concern for Segro shareholders. This follows a week of escalating pressure from major investors, including Norway's sovereign wealth fund and CCLA, who publicly urged Segro to engage. The combination would create a global logistics real estate giant, and the board's shift in stance materially increases the probability of a deal.
At the time of this announcement, PLD was trading at $146.25 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $139.2B. The 52-week trading range was $103.41 to $153.35. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.