Shares in Segro Plc (LSE:SGRO) declined on Monday after Prologis Inc (NYSE:PLD) revealed that the UK logistics property company had rejected its latest £13.5 billion takeover proposal.
Segro’s shares fell 1.7% to 882 pence in London trading, underperforming the FTSE 100, which was down 0.4% during the session.
Prologis said its revised offer, submitted on 16 July, valued Segro at approximately £13.5 billion, or around 993 pence per share. The proposal consisted of 0.0890 newly issued Prologis shares for each Segro share, together with a partial cash alternative worth up to £2.7 billion.
According to Prologis, Segro’s board unanimously rejected the proposal the following day. The latest approach was the third made by the U.S. logistics real estate group since discussions began in June, after an earlier all-share proposal was also turned down.
Analysts at Jefferies said the revised offer increases pressure on Segro’s board, noting that the proposal values the company at roughly 993 pence per share. This represents a premium of approximately 9.7% to Segro’s pro forma June 2026 net asset value and 33.8% above the company’s unaffected share price before the takeover approach became public.
Jefferies added that Prologis continues to question Segro’s standalone valuation assumptions while highlighting its own operational performance and expanding data centre development pipeline as part of the rationale for the proposed transaction.
The brokerage also noted that Prologis faces a key deadline under the UK Takeover Code. By 22 July, the company must either announce a firm intention to make an offer for Segro or withdraw its interest, unless the UK Takeover Panel agrees to extend the timetable.
If completed, the transaction would represent the largest takeover involving a publicly listed European real estate company. While Segro has rejected each of Prologis’ proposals to date, the U.S. group continues to argue that combining the two businesses would create greater long-term value for shareholders.
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