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Prologis Sweetens Segro Bid to $2B as London Warehouse Giant Holds Firm

Prologis increased its takeover proposal for London-based logistics operator Segro to approximately $2 billion, a 6% increase from its initial offer that now includes a 20% cash component. The revised bid represents a 41% premium to Segro's three-month weighted average share price and provides shareholders 0.089 new Prologis shares per share held, with the option to take up to 20% in cash. The San Francisco real estate investment trust argues the combination would grant Segro access to a broader logistics network and lower capital costs. Segro rejected the proposal Monday, contending Prologis timed the offer opportunistically to capitalize on a dislocated share price before its development pipeline benefits materialize. Prologis must declare firm intentions by Wednesday at 5:00 pm London time under UK takeover rules. Segro shares have climbed 21% since the initial bid on June 24.