SEGRO rejects further takeover proposal from Prologis

SEGRO has rejected a further revised indicative proposal from Prologis, received on 17 July 2026, regarding a possible offer for the entire issued and to‑be‑issued share capital of the company. The latest proposal valued SEGRO at up to 993p per share.

Segro

Prologis’s further revised proposal comprised 0.0890 new Prologis shares for each SEGRO share, alongside a partial cash alternative of up to £2.7 billion, representing 20% of the total consideration. Based on Prologis’s closing share price of $149.8 and a GBP:USD exchange rate of 1.35, the proposal valued SEGRO at 993p per share, or 958p based on Prologis’s three‑month VWAP.

The proposal followed two earlier private approaches at exchange ratios of 0.0875 and 0.0840. SEGRO’s Board, advised by its external advisers, concluded that the company’s standalone prospects and embedded value offered superior long‑term returns compared with the further revised proposal, and unanimously rejected it.

Despite the rejection, SEGRO met with Prologis management to assess whether improved terms could be offered. Prologis provided no new information and made no enhancement to its proposal.
SEGRO also confirmed that it rejected an unsolicited proposal from Prologis in March 2024, which initially implied a 10% premium but later translated into a discount following SEGRO’s relative share price outperformance.

The Board said Prologis’s approaches were opportunistically timed to take advantage of a dislocated share price at a moment when SEGRO’s markets are inflecting and operational momentum is accelerating. Accepting the proposal, the Board argued, would transfer SEGRO’s embedded value and future earnings potential to Prologis shareholders.

Andy Harrison, Chairman of SEGRO, said: “The Board does not believe that Prologis’s latest proposal reflects the quality, scarcity or long‑term prospects of SEGRO’s portfolio and platform. We will continue to engage with shareholders and remain focused on executing our clear strategy that underpins superior value creation.”

SEGRO stated it would consider any improved proposal that appropriately reflects the company’s prospects and urged shareholders to take no action in relation to Prologis’s latest approach. A further announcement is expected later today.