Prologis Proposes All-Share Acquisition of Segro
Prologis announced that it sent a letter to the board of Segro setting out the terms of an indicative all-share proposal, pursuant to which Prologis would acquire the entire issued and to be issued share capital of Segro. The board of Segro unequivocally rejected the combination proposal. Based on the Prologis share price of $145.3 and a GBP:USD exchange rate of 1.32 in each case at market close on June 23, being the last trading day prior to this announcement, the combination implies a value of 925 pence for each Segro share and values Segro's entire issued and to be issued ordinary share capital at approximately GBP 12.6B. Prologis urges Segro shareholders to encourage the Segro board to engage with Prologis to allow a binding offer to be put to Segro shareholders for their consideration.
