LONDON, June 30, 2026, 23:02 BST
- SEGRO plc (LON:SGRO) ended the session at 875.20p, slipping 0.34%. Prologis Inc NYSE:PLD dropped 2.46% in U.S. trading.
- SEGRO said Prologis’s bid dropped to 881p by Monday’s close, down from the original 925p offer at launch.
- At Prologis’s close on Tuesday and with sterling at $1.3233, the 0.084-share exchange ratio works out to roughly 860p. That’s around 1.8% under SEGRO’s London close.
- SEGRO is expected to give more details about its development and data center plans in the week of July 6. Prologis has a deadline of July 22 to make an offer or pull out.
SEGRO plc (LON:SGRO) finished Tuesday ahead of where Prologis Inc’s NYSE:PLD all-share proposal had valued the shares. Prologis stock fell, so the merger math weakened, putting more pressure on SEGRO to make its solo argument to shareholders.
SEGRO finished the session at 875.20p, slipping 0.34%. The FTSE 100 index (INDEXFTSE:UKX) added 0.12% to close at 10,497.12. Prologis in New York dropped 2.46% to $135.47. Sterling was last at $1.3233, according to Reuters.
The 925p figure Prologis cited at its IPO last week is old news. SEGRO on Tuesday said the offer was 881p a share at Monday’s close, using Prologis at $138.9 and a GBP/USD rate of 1.32. That’s down 5% from the start of the offer period. Using the same 0.084 Prologis-share exchange ratio, the value dropped to about 860p per SEGRO share by the U.S. close on Tuesday.
| Offer math | June 23 Prologis disclosure | June 29 SEGRO calculation | June 30 after NY close |
|---|---|---|---|
| Prologis share price used | $145.30 | $138.90 | $135.47 |
| GBP/USD used | 1.32 | 1.32 | 1.3233 |
| Implied value per SEGRO share | 925p | 881p | around 860p |
| Position versus SEGRO price | 24.6% over 742p | about 0.7% above 875.20p | about 1.8% under 875.20p |
The June 30 estimate is based on multiplying 0.084 by $135.47, then dividing by $1.3233. Prologis’s June 23 bid kept the same exchange ratio, putting SEGRO’s value at £12.6 billion. SEGRO said Tuesday the offer was equivalent to 881p per share, down 5% from 925p.
This is key since there’s no cash in the offer. SEGRO shareholders are exposed to Prologis share price swings and currency moves unless Prologis adjusts the terms or puts in cash. If Prologis shares fall more, the value drops before the vote. If the stock bounces back, the payout goes up.
SEGRO’s board stuck to its earlier rejection after Prologis put out another investor deck. Chairman Andy Harrison accused Prologis of trying to buy SEGRO “on the cheap” and said SEGRO’s plans were not limited by capital. The board called the bid “inadequate, opportunistic and one-sided” and told shareholders not to act. DirectorsTalk Interviews
Prologis said its presentation showed how its capital could back SEGRO’s development and data-centre plans. The firm pointed to a 38.6% five-year total shareholder return, while SEGRO saw a 20.1% drop, and said it managed £27.8 billion of UK and European assets since 1997.
SEGRO’s case will probably hinge on the difference between book value and what it expects from future development, rather than where the shares trade now. The board has a range of figures in the 2025 results to support its argument.
| SEGRO stand-alone metric | Latest disclosed figure |
|---|---|
| Adjusted NAV per share | 925p |
| New headline rent lined up for 2025 | £99 million |
| Like-for-like net rental income grew | 6.0% |
| Adjusted pretax profit | £509 million |
| Embedded income built into standing portfolio | £152 million |
| Potential rent tied to projects now building or close to signing | £62 million |
| Powered land bank | 2.5 GW |
| LTV as of Dec. 31, 2025 | 31% |
SEGRO said its powered land bank had 1.1 GW available to pre-let by the end of 2028. Projects either being built or in advanced talks are already 55% pre-let.
The 925p mark is a sticking point. Prologis pitched it as matching SEGRO’s last stated EPRA NTA. But SEGRO argues that doesn’t account for its logistics and data centre pipeline, and that there’s no change-of-control premium baked in.
Reuters cited analysts taking a cautious tone after the bid was announced. Oli Creasey at Quilter Cheviot said Prologis is likely “reluctant to increase the offer materially and take it above NAV.” Bjorn Zietsman at Panmure Liberum said the current terms might not cover future growth and assets for shareholders. Reuters
SEGRO made a small share admission Tuesday, issuing and listing 212,436 new shares. That takes its total admitted shares to 1,354,073,367, up about 0.016%. The company said the move does not change the numbers.
Prologis has a deadline of 5 p.m. London time on July 22 to either make a formal offer under Rule 2.7 of the UK Takeover Code or state it doesn’t plan to bid.
