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SEGRO rejects £12.6bn Prologis approach

NEWS

June 24, 2026 at 07:18 UTC

2 min read
Modern logistics warehouse exterior reflecting real estate M&A tensions after rejected takeover approach

Key Points

  • 01SEGRO’s board rejected an indicative all-share takeover proposal from Prologis (PLD) on 23 June 2026
  • 02The proposal offered 0.084 new Prologis (PLD) shares for each SEGRO share
  • 03Terms implied a value of 925p per SEGRO share, valuing SEGRO at about £12.6 billion
  • 04If completed on proposed terms, SEGRO shareholders would hold about 10.5% of Prologis (PLD)

Indicative Prologis bid for SEGRO outlined

On 24 June 2026, Prologis disclosed that it had sent a letter to the board of SEGRO on 16 June 2026 setting out an indicative all‑share proposal to acquire the entire issued and to be issued share capital of SEGRO. The potential transaction, referred to as the Combination, would be executed entirely in shares rather than cash.

Under the terms proposed, SEGRO shareholders would receive 0.084 new Prologis shares for each SEGRO share. The offer structure would therefore make SEGRO investors shareholders in the enlarged Prologis group if a transaction were completed on these terms.

Implied valuation and premium for SEGRO

Using Prologis’ closing share price of $145.3 and a GBP:USD exchange rate of 1.32 at market close on 23 June 2026, the proposal implies a value of 925 pence per SEGRO share. On this basis, SEGRO’s entire issued and to be issued ordinary share capital is valued at approximately £12.6 billion.

The implied 925 pence per share valuation represents a 24.6% premium to SEGRO’s closing share price of 742 pence on 23 June 2026. It also corresponds to SEGRO’s last reported EPRA net tangible assets per share of 925 pence as of 31 December 2025, aligning the offer level with that asset-based metric.

Ownership structure of a combined group

Prologis stated that, following completion of the Combination on the indicated terms, SEGRO shareholders would hold approximately 10.5% of the enlarged Prologis group’s issued share capital. This reflects the all‑share nature of the proposal and the agreed exchange ratio.

The indicative proposal therefore envisages SEGRO investors moving from holding shares in a standalone UK-listed real estate company to owning a minority stake in a larger, combined logistics real estate group led by Prologis.

SEGRO board response and deal status

SEGRO’s board considered the approach and on 23 June 2026 unequivocally rejected the Combination proposal. No details of any counterproposals or further discussions were included in the announcement.

Prologis emphasised that the disclosure is an announcement under Rule 2.4 of the City Code on Takeovers and Mergers and does not constitute a firm intention to make an offer under Rule 2.7. As a result, there can be no certainty that any firm offer for SEGRO will be made, or on what terms any future proposal might be tabled.

Key Takeaways

  • 01Prologis’ move is at an early, indicative stage and falls short of a formal Rule 2.7 offer, so deal certainty is low at this point.
  • 02The rejected proposal valued SEGRO in line with its last reported EPRA net tangible assets per share, offering a notable premium to the latest closing price.
  • 03If revived or revised, any future proposal would likely reshape SEGRO shareholders’ exposure from a standalone UK REIT to a minority stake in a larger logistics real estate platform.

References

  1. https://www.investegate.co.uk/announcement/rns/segro--sgro/statement-re-possible-combination/9633059
  2. https://www.prnewswire.com/news-releases/creating-shareholder-value-through-a-possible-segro-and-prologis-combination-302808887.html
  3. https://www.cityam.com/ftse-100-segro-fights-off-12-6bn-swoop-by-us-real-estate-giant/
  4. https://www.proactiveinvestors.com/companies/news/1094386/segro-rejects-12-6bn-all-share-bid-from-prologis-1094386.html