Prologis sent a letter to James B. Connor, chairman and CEO of Duke Realty Corp., proposing to acquire Duke Realty in an all-stock transaction.
Under the terms of the proposal, Duke Realty stockholders would receive 0.466 shares of Prologis common stock for each share of Duke Realty common stock they own. Prologis's proposal is valued at $61.68 per Duke Realty share, based on Prologis' closing price on May 9, 2022, and represents a premium of 29 percent to Duke Realty's closing price on the same date.
"We are confident that the proposed combination will be a win-win for our respective shareholders," said Hamid R. Moghadam, Prologis CEO and co-founder. "Prologis has a proven track record serving as a leader and innovator in our industry. We are known for providing exceptional service to customers and delivering superior value for our shareholders, including the shareholders of companies we have merged with or acquired in the past. We have no doubt that Duke Realty's sha
