SEGRO has rejected a revised takeover proposal from Prologis that valued the U.K. industrial real estate company at as much as £9.93 ($13.41) per share.
The proposal, received July 17, offered 0.0890 new Prologis shares for each SEGRO share and included a partial cash alternative of up to £2.7 billion ($3.65 billion), representing 20 percent of the total consideration.
Based on Prologis’ closing share price and exchange rates on July 17, the proposal valued SEGRO shares at £9.93 each, or £9.58 based on Prologis’ three-month volume-weighted average share price.
SEGRO’s board unanimously rejected the proposal, concluding the company’s standalone growth prospects offered shareholders greater potential value. SEGRO subsequently met with Prologis management, but
Prologis did not improve the financial terms of its offer, according to the company.
The latest approach followed two earlier proposals, including an unsolicited offer made in March
