Segro has formally rejected a £12.6 billion takeover offer from US real estate investment trust Prologis, stating the all-share proposal significantly undervalues the British logistics landlord.
The rejection marks a sharp escalation in the transatlantic M&A battle for UK industrial assets.
Segro, a heavyweight on the FTSE 100, indicated that the bid falls well short of its own assessment of the company's worth, leaving the door open for a higher offer or a defensive restructuring.
Prologis, the San Francisco-based global leader in logistics real estate, has been aggressively expanding its European footprint.
The unsolicited bid reflects the broader trend of US capital targeting UK property stocks amid attractive valuations and strong demand for modern warehouse space.
Investors will now watch for Prologis's response.