Real estate investment firm Segro has rejected a £12.6bn bid from a US fund looking to combine the two companies into one mammoth investment trust.
Prologis said it had gone public with its offer in a bid to convince Segro shareholders to back the deal.
As part of Prologis’ offer, Segro stocks would be valued at 925p marking a near 25 per cent premium on the firm’s closing share price on Tuesday of 742p.
The deal would also result in Segro investors owning around 10.5 per cent of the newly combined global unit.
Prologis said the takeover would “unlock embedded opportunities for investment” which it said the firm would be “unable to unlock standalone due to structural constraints, including its balance sheet capacity and trading discount”.
It revealed Segro’s board “unequivocally” rejected the proposal on June 23.
As per UK takeover rules, Prologis now has until 5pm on July 22 to make a formal bid or walk away for at least six months.
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