Prologis makes unsolicited bid for SEGRO, valued at £12.6 billion

Prologis, Inc. (NYSE: PLD) has disclosed an indicative all-share proposal to acquire SEGRO plc, the U.K.-listed logistics real estate investment trust, valuing SEGRO's entire issued share capital at approximately £12.6 billion. SEGRO's board rejected the proposal on June 23, 2026.

Under the terms of the indicative offer, each SEGRO shareholder would receive 0.084 new Prologis shares per SEGRO share. Based on Prologis' closing share price of $145.3 and a GBP:USD exchange rate of 1.32 on June 23, 2026, the proposal implies a value of 925 pence per SEGRO share.

That figure represents a 24.6% premium to SEGRO's closing share price of 742 pence on June 23, a 26.7% premium to its one-month volume-weighted average price of 730 pence, and a 31.4% premium to its three-month volume-weighted average price of 704 pence. The implied price equals SEGRO's last reported EPRA net tangible assets per share of 925 pence as of December 31, 2025.

Upon completion, SEGRO shareholders would hold approximately 10.5% of Prologis' issued share capital.

Prologis sent the initial letter to SEGRO's board on June 16, 2026. Following the board's rejection, Prologis publicly disclosed the proposal and is urging SEGRO shareholders to press their board to engage with Prologis.

Under the U.K. City Code on Takeovers and Mergers, Prologis must announce by 5:00 p.m. London time on July 22, 2026, whether it intends to make a formal offer or withdraw. The company cautioned there is no certainty a firm offer will be made.

Rothschild & Co, J.P. Morgan, and Eastdil Secured are acting as financial advisers to Prologis. Linklaters LLP is serving as legal adviser.

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