Segro says it would be minded to recommend Prologis’ proposal

Segro has confirmed that it would be ‘minded to recommend’ Prologis’s latest best and final possible offer, valuing each Segro share at 1,031.7 pence, following detailed review and discussions held yesterday. 

Segro

The proposal,Prologis’s fourth comprises 0.0920 new Prologis shares per Segro share, alongside a partial cash alternative of up to £3.5 billion, representing 25% of the total consideration. The valuation is based on Prologis’s closing share price of $149.94 and a GBP:USD exchange rate of 1.3371 on 21 July 2026.

Segro shareholders would also retain permitted dividends without any adjustment to the offer terms. The company said it expects shareholders to receive the 2026 Final Dividend of up to 22.56 pence per share prior to completion of any scheme of arrangement. Including this dividend, Segro shareholders would be entitled to a total value of up to 1,054.3 pence per share. In addition, shareholders would retain the 2026 interim dividend of up to 10.14 pence per share, as set out in Prologis’s announcement.

Following discussions today, Prologis has also agreed to contractually commit to establishing a secondary listing on the London Stock Exchange on or before completion, should it proceed with a firm offer.

Prologis has stated that the Fourth Proposal is best and final and will not be increased, except in the event of a competing offer or with Takeover Panel consent in exceptional circumstances.

Segro’s Board said it has unanimously concluded that the financial terms are at a level it would be minded to recommend, subject to satisfactory confirmatory due diligence, agreement on all remaining terms and conditions, and finalisation of transaction documentation.

The Takeover Panel has consented to extend Prologis’s deadline to 5:00pm (London time) on 12 August 2026 to announce a firm intention to make an offer or to withdraw.