Prologis raises final takeover proposal for SEGRO with shares and £3.5 billion cash option
Warehouse property consolidation in Europe is back in focus as Prologis sets out its best and final proposal to acquire SEGRO. The offer lifts the share element from its earlier approach and includes a partial cash alternative worth up to £3.5 billion, while also pointing to a possible London Stock Exchange secondary listing.
Highlights
- Prologis raised its final takeover proposal for SEGRO to 0.0920 new Prologis shares per SEGRO share plus a £3.5 billion cash option, a 9.5% increase over the initial bid.
- The revised offer values each SEGRO share at 1,031.7 pence, representing a significant premium over previous share prices and net asset value.
- Prologis is considering a potential secondary listing on the London Stock Exchange to support UK market access if the SEGRO combination proceeds.
Revised offer terms and transaction structure
As reported by London Stock Exchange, citing Regulatory News Service, Prologis says it would offer 0.0920 new Prologis shares for each SEGRO share under its best and final proposal to acquire the entire issued and to be issued share capital of SEGRO.The company says this represents a 9.5% increase over its initial proposal. It also includes a partial cash alternative of up to £3.5 billion, equivalent to 25% of the total consideration, at a fixed price of 1,031.7 pence per SEGRO share, subject to pro-rata scale-back.
Prologis says the proposal values each SEGRO share at 1,031.7 pence and reflects substantial premiums to SEGRO's previous share prices and net asset value. The company is urging SEGRO shareholders to press the board to recommend the combination.
Market implications for UK logistics property
A combination of Prologis and SEGRO would reshape the logistics real estate landscape in the UK and wider European market, bringing together two major warehouse property groups at a time when scale, asset quality and capital access remain central to the sector.Prologis also says it is exploring a potential secondary listing on the London Stock Exchange, contingent on shareholder demand and engagement from SEGRO's board. That step would strengthen the UK market angle of the proposed deal while giving investors a clearer route to trade shares locally if the combination proceeds.
Our earlier report on Prologis’ best-and-final £14bn bid for SEGRO explained that the offer was raised to about 1,032p per share and included a £3.5bn cash alternative ahead of a UK takeover deadline. We noted that Prologis was seeking more time for discussions while SEGRO continued to argue that remaining independent would deliver better returns, keeping the outcome dependent on whether talks could progress.
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