Segro has formally rejected a £12.6 billion takeover proposal from US real estate investment trust Prologis, stating the all-share offer significantly undervalues the British logistics landlord.
The board of the FTSE 100 heavyweight described the decision as unanimous and unequivocal, dismissing the bid of 925p per share as inadequate compensation for shareholders.
The rejection marks a sharp escalation in the unsolicited approach from Prologis, which has been seeking to expand its European footprint through major acquisitions.
By turning down the offer, Segro's directors have signaled they believe the current valuation fails to reflect the company's asset quality and growth prospects in the logistics sector.
The standoff leaves investors facing uncertainty over the future control of the UK's largest warehouse group.
This development underscores the intensifying interest from overseas buyers in the UK market, which has increasingly become a target for foreign capital amid broader economic shifts.