Prologis has taken its £12.6 billion ($16.6 billion) all-stock takeover offer for UK-listed logistics landlord Segro directly to shareholders after Segro's board rejected the initial approach. The deal would combine the two largest listed warehouse and industrial property owners on either side of the Atlantic into a single investment trust. By going public with the bid, Prologis is bypassing Segro's management and applying direct pressure on institutional shareholders to accept.
This is the biggest cross-border real estate deal attempted in years, and it puts the entire listed logistics REIT sector in play. Segro shareholders face a binary outcome — accept the all-stock terms or force a higher offer — while Prologis shareholders absorb dilution risk from a massive equity issuance. Industrial and warehouse REITs more broadly could see re-rating as the market prices in consolidation potential.
Segro board formal response deadline (typically within 28 days of a public offer under UK Takeover Code, ~mid-to-late July). Prologis Q2 earnings call for management commentary on deal rationale and financing. Any revised bid announcement.
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