Prologis Sweetens Bid for SEGRO with Partial Cash Option
Event summary
- Prologis made its third proposal to acquire SEGRO on July 16, 2026, offering a mix of shares and up to £2.7bn in cash.
- The bid values SEGRO at approximately £13.5 billion, representing a premium of 9.7% over SEGRO's pro forma adjusted NAV.
- Prologis' offer includes 0.0890 new shares for each SEGRO share and a partial cash alternative of 200 pence per share.
- SEGRO's board rejected the proposal on July 17, 2026, citing unrealistic valuation and execution risks.
The big picture
Prologis' persistent pursuit of SEGRO reflects its strategic interest in expanding its European industrial real estate portfolio. The offer comes amid a broader trend of consolidation in the sector, driven by the need for scale and operational efficiency. Prologis' willingness to introduce a partial cash alternative underscores its commitment to securing the deal, despite SEGRO's repeated rejections.
What we're watching
- Regulatory Deadlines
- Prologis must announce a firm intention to make an offer for SEGRO by July 22, 2026, or withdraw its proposal.
- Shareholder Activism
- Whether SEGRO shareholders will pressure the board to engage with Prologis' revised offer.
- Market Reactions
- The impact of Prologis' proposal on SEGRO's share price and investor sentiment.