Segro Rejects Prologis Takeover Bid, Focuses on Data Center Expansion
The FTSE 100 company plans to leverage AI growth for its data center infrastructure while defending against the U.S. REIT's 'opportunistic' offer.
Segro is preparing to outline its strategy for expanding into data centers, a move central to its growth plans amid increasing demand driven by the artificial intelligence boom. This announcement comes as the company defends itself against a takeover attempt by U.S. real estate giant Prologis.
Segro, a FTSE 100 warehouse owner, previously rejected a £12.6 billion bid from San Francisco-based Prologis. The company called the 925p-a-share offer "inadequate" and "opportunistic," stating it aimed to acquire Segro "on the cheap." Prologis, the world's largest real estate investment trust (REIT), has asserted that its offer provides "compelling value" to Segro shareholders.
Segro intends to counter what it perceives as misrepresentations by Prologis regarding its market position. The company's revised blueprint will place significant emphasis on developing data center infrastructure, aiming to capitalize on the burgeoning demand fueled by AI advancements. This strategic pivot underscores Segro's commitment to remaining independent and pursuing its own expansionary path.