(RTTNews) - Prologis, Inc. (PLD), an industrial real estate investment trust, on Monday it submitted a third proposal to acquire all issued and to be issued share capital of SEGRO Plc (SGRO.L), increasing its offer and introducing a partial cash alternative after its previous proposals were rejected.
The revised proposal comprises 0.0890 new Prologis shares for each SEGRO share, a 6% increase from the initial proposal.
The proposal also includes a partial cash alternative of up to £2.7 billion, representing 20% of the total consideration at a fixed price of 1,000 pence per SEGRO share, subject to pro-rata scale-back.
Based on the company's closing share price on July 17, the proposal values each SEGRO share at 993 pence and values SEGRO's equity at approximately £13.5 billion.
The offer represents premiums of 9.7% to adjusted NAV, 33.8% to the June 23 closing price, 36% to the one-month VWAP, and 41.1% to the three-month VWAP.
Upon completion, assuming the partial cash alternative is fully subscribed, existing SEGRO shareholders would own approximately 9.2% of the company.
The company said its second-quarter 2026 performance strengthened the proposal, citing 8.5% same-store NOI growth, 11.6% Core FFO per-share growth, $2.1 billion in first-half data center starts, and increased full-year Core FFO guidance.
On Friday, Prologis closed trading 0.18% lesser at $149.79 on the New York Stock Exchange. In the overnight, the stock further traded 0.03% lesser at $149.75.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
