Overview
- Segro’s board recommended the takeover on Tuesday after weeks of public talks and rejected bids, ending the takeover contest between the two firms.
- The agreed package values Segro at roughly £14 billion and is mostly share-based, offering 0.92 Prologis shares per Segro share alongside a £3.5 billion cash component.
- Prologis says its final offer represents about a 39% premium to Segro’s share price at the time of the first approach and the companies expect the deal to close in the first half of next year subject to approvals.
- Segro shareholders will be entitled to the declared interim dividend of 10.14p per share and the final dividend when declared, and they will receive the share-and-cash mix on completion.
- Prologis intends to apply for a secondary London listing for the enlarged group, a move that highlights a wider wave of overseas takeovers of UK-listed firms and could shift capital and jobs in the logistics and data-centre sectors.