Prologis' $18B Third Bid For Segro Rejected

Segro has once again rejected a takeover offer from Prologis, but the UK-based industrial REIT hasn’t left the negotiating table yet.

The third bid valued Segro at around £13.5B, or about $18.2B, Prologis announced on Monday. The price is 9.7% higher than Segro’s estimated net asset value as of the end of June.

Industrial and logistics
Courtesy of Segro
Segro Park Courier Road Will Be The Largest Industrial And Logistics Scheme With The M25, According To Segro.

The sweetened offer raised the stock component to 0.089 new Prologis shares for each Segro share, a 6% increase over the initial proposal, and added a partial cash option of up to £2.7B, or approximately $3.6B.

Under the proposal, existing Segro shareholders would own a roughly 9.2% stake in Prologis, the world's largest owner of industrial real estate. Prologis added that it would explore a secondary listing of its shares on the London Stock Exchange to reassure UK investors.

San Francisco-based Prologis argues it can accelerate Segro’s growth strategy, particularly in the data center sector.

Still, the offer was unanimously rejected by Segro’s board, which said the bid is opportunistic and that the London-based REIT can offer better value for shareholders as a standalone company. Prologis refuted those claims in its revised proposal, saying that Segro’s assessment of value is unrealistic.

Segro remains open to engaging further with Prologis, The Wall Street Journal reported.

Prologis’ first £12.6B ($16.6B) bid was publicly disclosed on June 24. It made a second proposal earlier this month and was rebuffed on July 12. The terms of the second offer weren’t disclosed.

Segro’s shares have climbed nearly 21% since Prologis disclosed its takeover interest a month ago. Prologis shares, meanwhile, were down about 2% in late Monday morning trading and have been roughly flat over the past month.

Besides its hunger for growth through acquisition, Prologis started construction on more projects in the first half of 2026 than it did in all of 2025, it disclosed in its earnings release last week. Its net earnings per share rose 85% from the second quarter of 2025.

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