The British warehouse and industrial REIT has unanimously turned down an unsolicited bid proposal, calling it opportunistically timed.
SEGRO plc, the UK-listed warehouse and industrial property company, has unanimously rejected an unsolicited takeover proposal from Prologis, Inc., the US-headquartered logistics real estate giant, after receiving the approach on 16 June 2026.
The all-share proposal valued each SEGRO share at 925 pence, based on an exchange ratio of 0.084 new Prologis shares per SEGRO share, a Prologis share price of $145.30 and a GBP: USD rate of 1.32 as at market close on 23 June 2026.
The SEGRO board rejected the offer without hesitation, stating it fell "a long way short" of the company's own assessment of its value. Directors concluded the proposal was opportunistically timed and sought to exploit a disconnect between SEGRO's current share price and what they described as its highly attractive underlying business and strong prospects.
The board pointed to wider geopolitical pressures that have weighed on UK and European real estate valuations relative to the US REIT sector, which made the timing of the approach particularly acute.
In a statement, SEGRO said it has a clear strategy supported by a strong balance sheet and a proven operating platform, with building momentum in its occupational markets, a large development pipeline and an "exceptional" data centre platform.
The board said it remains "very confident" in SEGRO's ability to deliver substantial value to shareholders in the years ahead.
Prologis now has until the 22 July 2026 to either announce a firm intention to make an offer under Rule 2.7 of the Takeover Code or to confirm it does not intend to proceed. No offer is currently on the table, and the outcome remains uncertain.