Segro Rejects Sweetened £13.5 Billion Takeover Bid from Prologis

U.S. logistics giant Prologis Inc. said its latest takeover proposal for British warehouse landlord Segro has been rejected, marking the third unsuccessful attempt to acquire the company. The sweetened offer valued Segro at £13.5 billion ($18.18 billion), a figure that failed to persuade Segro's board.

Details of the Proposal

Prologis confirmed in a statement on Monday that it submitted the revised proposal on July 16. The offer was unanimously rejected by Segro's board the following day. The terms of the bid were:

• A valuation of approximately 993 pence per share.
• A structure consisting of 0.0890 new Prologis shares for each Segro share.
• A partial cash alternative of up to £2.7 billion ($3.6 billion).

This was the third approach by Prologis since it first expressed interest in June. Segro has rebuffed all advances, including an initial all-share offer.

Market Context and Outlook

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According to analysts at Jefferies, the revised offer represented a significant premium of 33.8% to Segro's undisturbed share price before the offer period began. The brokerage also noted the bid was a 9.7% premium to Segro's pro forma net asset value as of June 2026.

Prologis has argued that a combination would create long-term value for shareholders of both companies, highlighting its own operational performance and expanding data center pipeline. If completed, the transaction would rank as the largest-ever takeover of a publicly listed European property company.

What's Next

Prologue is now facing a regulatory deadline. Under UK takeover rules, the company must announce a firm intention to make an offer or declare that it will not make an offer by July 22. The UK Takeover Panel could potentially agree to extend this deadline, but as of now, the clock is ticking for the U.S. firm to make its final move.