Segro Rejects Prologis' Latest $13.5 Billion Takeover Bid
The UK property firm stated it was open to further talks if Prologis submits a more attractive offer.
Segro has rejected a third takeover bid from US logistics real estate giant Prologis, valued at approximately £13.5 billion ($17 billion USD). The UK-based company announced the decision, stating it was open to further engagement if Prologis presents a proposal that "appropriately" reflects Segro's value.
Prologis' latest offer, made last week, valued Segro at £9.93 per share and included an option for 0.0890 new Prologis shares for each Segro share, alongside a partial cash alternative of up to £2.7 billion. Segro's board unanimously rejected the bid, deeming it insufficient.
In a statement on July 20, 2026, Prologis urged Segro shareholders to pressure the company's board to accept the offer, arguing that the board's valuation of the company's fundamental worth is unrealistic. The revised offer represented a 34 percent premium over Segro's closing share price on June 23, 2026, the day before Prologis publicly disclosed its initial interest.
This is the third proposal from Prologis. The company initially rejected an all-share offer worth £12.6 billion in June, calling it "opportunistically timed." A second proposal was rejected on July 12. Prologis also revealed it had made an offer in March 2024, which was also unanimously rejected.
Segro's board has previously indicated that the company is worth closer to £18 billion, a figure Prologis has stated "may never materialise." Prologis has raised concerns regarding Segro's leadership succession and stated that "market evidence does not support a standalone share price consistent with Prologis' proposal."
Segro reiterated its confidence in its growth strategy and standalone prospects, asserting that they underpin superior value creation compared to Prologis' revised offer. The company believes the proposals have been timed to capitalize on a "dislocated share price" just as Segro's markets are showing signs of inflection and accelerating momentum.
Despite the rejection, Segro has not entirely closed the door on a potential acquisition. Segro Chairman Andy Harrison stated that while the board does not believe the latest proposal reflects the quality, scarcity, or long-term prospects of Segro's portfolio and platform, they would engage further on any improved proposal that appropriately reflects the company's embedded value and prospects. The board remains focused on executing its strategy to maximize shareholder value.
Prologis' pursuit of Segro occurs amidst a trend of foreign companies acquiring British firms at perceived lower valuations. Several other UK companies, including Easyjet, Intertek, Schroders, and Beazley, have recently attracted takeover interest.