Prologis slips on $2.1 bln equity raise for Segro acquisition - PLD News | RalliesPrologis slips on $2.1 bln equity raise for Segro acquisition
P
PLD• Segro takeover context
- British warehouse landlord Segro (SGRO.L) on Tuesday accepted a $19 billion takeover offer by PLD after investor pressure.
- San Francisco, California-based PLD has about 933.1 million shares outstanding for a market capitalization of nearly $135 billion.
- PLD shares were up 13% year to date through Monday's close.
Prologis prices 15 million-share offering
- Shares of logistics REIT Prologis (PLD.N) were down 2.8% premarket at $140.10 after acquisition-related follow-on pricing.
- PLD announced a 15 million share offering for an approximate $2.1 billion gross raise.
- JPMorgan and BofA are joint bookrunners.
- The company said it intends to use net offering proceeds for general purposes, including to fund potential acquisitions such as Segro plc.
- It added there is no assurance it will complete the Segro combination on the proposed terms or anticipated timeline, or at all.
•
