Segro board minded to recommend Prologis's fourth takeover bid
The board of Segro plc has said it is minded to recommend a fourth takeover proposal from Prologis, Inc. (NYSE: PLD) to shareholders, according to a press release statement issued July 22, 2026.
The proposal offers 0.0920 new Prologis shares for each Segro share, along with a partial cash alternative of up to £3.5 billion, representing 25% of the total consideration. Based on Prologis's closing share price of $149.94 and a GBP:USD exchange rate of 1.3371 as of July 21, 2026, the proposal values each Segro share at 1,031.7 pence. Including a 2026 final dividend of up to 22.56 pence per share, the total value per Segro share would be up to 1,054.3 pence. Shareholders would also be entitled to a 2026 interim dividend of up to 10.14 pence per share.
Prologis has also committed to establishing a secondary listing of its shares on the London Stock Exchange on or before completion, should it announce a firm offer.
The proposal is designated as best and final, meaning Prologis will not increase its offer unless a third-party bid for Segro emerges or the Takeover Panel provides consent under exceptional circumstances.
The Segro board's willingness to recommend the offer remains subject to the completion of confirmatory due diligence by Prologis and agreement on all remaining terms and transaction documentation.
The Takeover Panel has granted an extension requiring Prologis to announce either a firm intention to make an offer under Rule 2.7 of the Code, or a decision not to proceed, by no later than 5:00 p.m. London time on August 12, 2026.