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Segro PLC on Tuesday said it continues to reject a possible bid approach from Prologis Inc after the US firm outlined the strategic and financial rationale for the proposed combination. In a presentation earlier on Tuesday, logistics property firm Prologis highlighted the ‘compelling value’ of its approach, the benefits of having access to public and private capital and its track record of outperformance. In addition, the San Francisco, California-based company flagged its long-standing presence in the UK and Europe, its track record of successfully integrating major acquisitions and its ability to accelerate investment. Last week, Prologis made an all-share proposal under which Segro shareholders would receive 0.084 new Prologis shares for each Segro share. The bid valued the UK warehouse landlord at £12.6 billion or around 925 pence per share. Segro rejected the approach and, on Tuesday, said there was nothing in Prologis’s presentation that changes its ‘clear’ position. Chair Andy Harrison said: ‘Prologis is trying to acquire Segro on the cheap when our share price has been dislocated by the Middle East conflict and at a price that reflects none of the quality, scarcity and growth embedded in the business.’ The FTSE 100-listed firm noted the proposal is currently worth around 881p per share and is ‘inadequate, opportunistic and one-sided.’ The plan fails to reflect the future income and value from Segro’s logistics development and data centre pipeline, the scarcity of its portfolio or the quality of its operating platform and transfers value away from Segro to Prologis shareholders, it said. Segro said it does not need Prologis to unlock value upside, adding that capital is not a constraint to delivering its growth strategy. Segro plans to provide more detail on its growth strategy and value, including its development pipeline and data centre strategy, during the week commencing July 6. ‘The update will provide shareholders with the substantive rationale for the board’s confidence in the superior value proposition embedded in Segro’s strategy versus the proposal,’ it said. Shares in Segro rose 1.2% to 888.60 pence each in London early on Tuesday afternoon. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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