Prologis makes final eleventh-hour $18.8 billion takeover bid for UK's Segro
PLD•Segro says it was undervalued
Segro has previously insisted the bids undervalued it while turning down approaches from Prologis going back to March 2024.
If a deal is agreed, it could be one of the biggest foreign takeovers of a UK-listed company, LSEG data showed, and add to record levels of dealmaking in the country.
"We met and engaged with Prologis over the weekend and have been clear that we would consider and engage again on a revised proposal," Segro said in a statement emailed to Reuters shortly before Prologis' improved bid was announced.
Prologis makes best and final proposal
U.S. warehousing giant Prologis PLD.N on Wednesday made what it called its best and final proposal to buy British rival Segro SGRO.L for about £14 billion ($18.8 billion), in a last-minute approach ahead of a deadline as investors urged the pair to keep talking.
Shares in Segro rose more than 4% to £9.07 by 0936 GMT but remained below the new bid price of £10.32 per share.
