London-listed shares of Segro climbed 7.1% to 958.60 pence in early Thursday trading, reaching a valuation unseen since September 2022. This surge contributes to a 33% gain for the year, reflecting investor optimism regarding the deal’s finality. Under the terms, Prologis is offering 0.092 new shares for each Segro share, valuing the target company at 10.32 pounds per share—a 3.9% premium over the previous rejected proposal.
In section Market Quotes
Segro Shares Surge as Board Accepts $18.7 Billion Prologis Bid
After dismissing three previous overtures, British industrial landlord Segro has capitulated to a final $18.72 billion takeover proposal from U.S. warehouse giant Prologis. The board’s unanimous decision to recommend the latest offer, which includes a partial cash alternative, marks a significant shift in the consolidation of U.K. assets.
To facilitate the transaction, Segro granted an extension for Prologis to formalize the offer until August 12. Shareholders who tender their holdings will remain eligible for the firm’s interim dividend of 10.14 pence per share. Prologis, which holds a 3.5 billion pound cash alternative on the table, cited direct shareholder feedback as the primary driver for sweetening the bid. The acquisition would represent another significant exit from the London Stock Exchange, following recent takeover moves involving easyJet, DCC Energy, and Mitie by international buyers.
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