Prologis makes third bid for Segro, adds partial cash option

Prologis, Inc. (NYSE: PLD) has made a third proposal to acquire the entire issued share capital of SEGRO plc, valuing the British real estate company at approximately £13.5 billion, according to a statement from Prologis. SEGRO rejected the proposal on July 17, 2026, one day after it was submitted.

The third proposal offers 0.0890 new Prologis shares for each SEGRO share, a 6% increase over Prologis' initial proposal. It also introduces a partial cash alternative of up to £2.7 billion, representing 20% of total consideration, at a fixed price of 1,000 pence per SEGRO share, subject to pro-rata scale-back.

Based on Prologis' closing share price of $149.79 and a GBP:USD exchange rate of 1.3445 on July 17, 2026, and assuming a shareholder elects for 20% cash, the proposal values each SEGRO share at 993 pence. That represents a premium of 33.8% to SEGRO's closing price of 742 pence on June 23, 2026, the day before the offer period commenced, and a premium of 9.7% to SEGRO's pro forma adjusted net asset value of 905 pence per share as of June 30, 2026.

Under the partial cash alternative, shareholders electing the basic entitlement would receive 200 pence in cash and 0.0712 new Prologis shares per SEGRO share. Shareholders not electing the cash option would receive 0.0890 new Prologis shares per SEGRO share. Following completion, assuming full take-up of the cash alternative, existing SEGRO shareholders would hold approximately 9.2% of Prologis' issued share capital.

Prologis also said it would explore the feasibility of a secondary listing of its shares on the London Stock Exchange if there is sufficient investor demand.

Under Rule 2.6(a) of the City Code on Takeovers and Mergers, Prologis is required by 5:00 pm London time on July 22, 2026, to either announce a firm intention to make an offer or announce that it does not intend to proceed. Prologis noted there is no certainty that a firm offer will be made.

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