SEGRO Rejects Prologis's Acquisition Proposal

SEGRO plc's board has firmly rejected an acquisition proposal from Prologis, Inc. The board found the offer, covering all issued and to be issued shares, lacking in value. They emphasized SEGRO's unique strategic strengths and growth potential, which includes a robust portfolio of urban assets across Europe's densely populated cities.

SEGRO plans to provide further details on its growth strategy, including its logistics and data center projects, by early July. The company underlined its capability to realize significant value independently, citing a strong financial base and an extensive development pipeline as key advantages.

Prologis's proposal valued at 881 pence per share was deemed inadequate by SEGRO, which noted its timing during a share price dip following geopolitical tensions. SEGRO argued that the proposal was opportunistic and one-sided, as it would transfer significant value to Prologis shareholders, diluting SEGRO’s investment value.

The board reiterated its commitment to its growth strategy without the need for Prologis's involvement and advised shareholders not to act on the proposal.