Prologis, Inc. (NYSE: PLD) has submitted a revised takeover proposal for SEGRO plc, valuing the entire issued and to be issued share capital of the UK-listed real estate company at approximately £14.0 billion.

The proposal, described by Prologis as its best and final offer, consists of 0.0920 new Prologis shares for each SEGRO share, a 9.5% increase over its initial proposal, along with a partial cash alternative of up to £3.5 billion, representing 25% of the total consideration at a fixed price of 1,031.7 pence per SEGRO share, subject to pro-rata scale-back.

Based on Prologis' closing share price of $149.94 and a GBP:USD exchange rate of 1.3371 on July 21, 2026, the proposal values each SEGRO share at 1,031.7 pence. That represents a 39.0% premium to SEGRO's closing price of 742 pence on June 23, 2026, the day before the offer period commenced, and a 14.0% premium to SEGRO's pro forma adjusted net asset value of 905 pence per share as of June 30, 2026.

If completed and the partial cash alternative is fully taken up, existing SEGRO shareholders would hold approximately 8.9% of Prologis' issued share capital.

Prologis also said it intends to explore the feasibility of a secondary listing of its shares on the London Stock Exchange if there is sufficient investor demand, contingent on engagement from the SEGRO board.

Prologis CEO Dan Letter said: "There is no doubt a combination of both companies would deliver meaningful value. We have listened to feedback from shareholders and this morning, we have improved our proposal to make a compelling offer to the SEGRO Board. We run Prologis with discipline and this is our best and final offer."

Prologis has also requested that SEGRO seek an extension to the Put Up or Shut Up deadline of 5pm BST on July 22, 2026, to allow time to agree remaining terms of a recommended firm offer. No certainty exists that a formal offer will be made, according to the announcement.