Segro has rejected a third takeover bid from US real estate investment trust Prologis, valuing the British logistics landlord at £13.5 billion.
The latest proposal, reported by Cityam, represents a significant escalation in the US giant's pursuit of the UK's largest logistics property owner, yet it has failed to bridge the valuation divide between the two boards.
6 billion all-share offer, which Segro previously dismissed as significantly undervaluing the business.
This rejection marks the latest chapter in a protracted courtship that began with Prologis's initial £12.6 billion all-share offer, which Segro previously dismissed as significantly undervaluing the business.
The incremental increase to £13.5 billion suggests Prologis is attempting to overcome shareholder pressure and board resistance, but Segro's continued refusal indicates the UK board remains confident in its standalone strategy and valuation metrics.
The standoff has kept Segro shares volatile, with investors weighing the potential premium of a deal against the certainty of Segro's strong operational performance in the UK logistics sector.
Prologis, the world's largest industrial REIT, has been aggressively expanding its European footprint, viewing the UK market as a critical component of its global growth strategy.