Segro has intensified its opposition to the unsolicited takeover approach from US real estate investment trust Prologis, dismissing the £12.6 billion all-share proposal as "opportunistic, one-sided, and inadequate." The FTSE 100 logistics landlord's board argues the offer fails to reflect the true value of its portfolio and strategic position in the European warehousing market.
The sharp language marks an escalation in the dispute, following Segro's initial formal rejection of the bid.
The company maintains that the all-share structure significantly undervalues the British logistics giant, leaving shareholders exposed to currency risk and failing to provide a sufficient premium for control.
Prologis, the world's largest industrial REIT, has sought to consolidate its European footprint through the acquisition, but faces stiff resistance from Segro's management.
The standoff highlights the growing tension between US buyers seeking scale in European logistics assets and UK boards defending their valuations.
With the offer now publicly branded as inadequate, the path to a deal appears increasingly obstructed unless Prologis is willing to substantially revise its terms or switch to a cash component to mitigate currency exposure.