Segro has formally rejected a £12.6 billion takeover proposal from US real estate investment trust Prologis, marking the latest high-profile rebuff in a wave of American interest in British assets.
The San Francisco-based developer had put forward an offer of 925p per share on June 16, but the London-listed logistics landlord dismissed the approach on Tuesday, maintaining its stance against the unsolicited bid.
The rejection underscores the persistent friction between US acquirers seeking scale in European logistics and UK boards wary of valuation and control.
Prologis, the world’s largest industrial real estate company, has been actively expanding its European footprint, viewing the UK’s logistics sector as a strategic growth area.
However, Segro’s board appears to believe the offer does not reflect the long-term value of its portfolio, which includes some of the UK’s most prime warehouse and distribution centers.
This development adds to a growing list of high-profile US-UK M&A attempts that have faced headwinds.