UK's Segro rejects $18.2 billion Prologis bid as takeover tussle intensifies

The bid appears to address many of investors' expectations, Kepler Cheuvreux analyst Frederic Renard said, adding that Segro's rejection was "hardly surprising given that it has effectively anchored its valuation expectations at around 1,300 p".

"We believe some shareholders are increasingly vocal in arguing that the board should engage with Prologis," he said, without naming any.

Segro, which owns around 10.9 million square metres of space across Europe, has been building out a data centre pipeline to capture a share of the booming AI industry.

UK-listed companies have drawn growing international interest as British firms trade at relatively low valuations, with easyJet and Intertek among the blue-chip companies attracting takeover interest in recent months.