Prologis' £13.5bn bid for UK landlord Segro rejected

US logistics REIT Prologis submitted three takeover proposals for British warehouse‑property group Segro. The third offer, announced on 16 July, valued Segro at about £13.5 billion, offering £9.93 per share – a 9.7 % premium to its pro‑forma NAV and a 33.8 % premium to the pre‑offer share price. The proposal added a partial cash component of up to £2.7 billion (roughly 20 % of the total consideration) alongside new Prologis shares. Segro's board rejected the offer, stating the price does not reflect the company's true value and noting its portfolio is worth roughly £19 billion. Prologis argued the bid provides shareholders with greater certainty and long‑term upside, and suggested a possible secondary listing of its shares in London after completion. The UK takeover code gives Prologis until 5 pm on 22 July to make a firm bid. The dispute highlights the contrast between Prologis' view of Segro's strategic fit and Segro's assessment of its own development pipeline and funding needs.