Segro Forms £3 Billion UK Logistics JV After Rejecting Prologis Bid
PLD sits 33% above its 52-week low of $103.41.
Summary
UK logistics firm Segro, which recently rejected Prologis's $16.6 billion takeover bid, is forming a 50-50 joint venture for three UK logistics parks. The JV has a fully developed gross asset value of approximately £3 billion ($3.97 billion). This move follows Prologis's rejected all-share takeover proposal on June 24th and could complicate or deter any renewed acquisition attempts by Prologis, potentially making Segro a more complex or expensive target.
At the time of this announcement, PLD was trading at $137.19 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $129B. The 52-week trading range was $103.41 to $150.18. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.