By Yawen Chen
Segro spurned the $130 bln US landlord’s recent offer as too low. The real question is how much Prologis can pay before buying its target looks less attractive than building its own logistics and data centres. Its recent deal returns suggest it can raise its offer by nearly 10%.
Full view will be published shortly.
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CONTEXT NEWS
Segro on June 30 said it continues to reject a possible bid approach from Prologis after the U.S. landlord outlined the strategic and financial rationale for the proposed combination.
In a presentation published on June 30, Prologis highlighted the "compelling value" of its approach, the benefits of having access to public and private capital and its track record of outperformance.
Prologis said on June 26 Segro rejected its £12.6 billion ($16.62 billion) all-share takeover proposal. Under the terms of the proposed combination, Segro shareholders would have received 0.084 new Prologis shares for each share they held, implying a value of 925 pence apiece — a 24.7% premium to Segro's closing price on June 23.