Segro Rejects Prologis's $16.6B Takeover Bid Again, Calls it 'Inadequate'
PLD sits 34% above its 52-week low of $103.41.
Summary
Prologis's $16.6 billion all-share takeover bid for UK logistics firm Segro has been firmly rejected again, with Segro calling the proposal "inadequate, opportunistic and one-sided." This follows the initial rejection reported on June 24th. Segro's chairman stated that the offer undervalues the company, especially given its growth potential and current market dislocation. This strong reiteration of Segro's stance makes a successful acquisition at the current terms highly improbable. Segro plans to detail its standalone growth strategy next week.
At the time of this announcement, PLD was trading at $138.89 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $132.2B. 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 7 out of 10. Source: ShareCast.