LONDON, July 4, 2026, 23:01 BST
- SEGRO finished the session at 880p, slipping 0.43% as London markets ended for the weekend.
- Prologis first offered an all-share deal at 925p a share, but on recent Prologis and pound levels, it’s now worth around 877p a share.
- SEGRO is expected to present its value case in the week of July 6. Prologis has a deadline of 1700 London time on July 22 to either make a firm bid or drop plans.
SEGRO plc (LON:SGRO) heads into next week with shares trading just above where Prologis Inc’s NYSE:PLD rejected all-share offer priced them, moving the takeover talk from premium headlines to the numbers on the proposed exchange ratio.
SEGRO closed Friday at 880p, dropping 3.8p after starting at 889.40p. Volume landed at 1.68 million shares. The stock’s 52-week range ran from 603.00p to 893.60p, London Stock Exchange data shows. The FTSE 100 (INDEXFTSE:UKX) added 0.25% to finish at 10,679.03, so SEGRO trailed the index in the last session before the weekend.
The numbers on the original offer have become less favorable. Prologis had put forward 0.084 new shares for every SEGRO share, which meant 925p per SEGRO share with Prologis shares at $145.3 and GBP/USD at 1.32 on June 23. That offer put SEGRO’s total share capital, both issued and to-be-issued, at around 12.6 billion pounds, according to Prologis.
With Prologis last quoted at $139.43 and the Reuters GBP/USD rate at 1.3351, the exchange ratio puts SEGRO’s value at around 877p per share. That’s under Friday’s close of 880p. The math: 0.084 times $139.43, divided by 1.3351 and converted to pence.
| Price marker | Per SEGRO share | Equity value | Spread vs Friday close |
|---|---|---|---|
| SEGRO Friday close | 880p | £11.92 bln | — |
| Prologis headline offer | 925p | £12.53 bln | +5.1% |
| SEGRO’s own proposal value at June 30 | 881p | £11.93 bln | +0.1% |
| Revised exchange ratio | 877p | £11.88 bln | -0.3% |
SEGRO said it had 1,354,073,367 shares outstanding as of July 1, as disclosed under Rule 2.9 of the UK Takeover Code. Equity values are based on that figure.
The gap is key for investors being asked to support the talks. What was a 925p offer at launch now trades close to where the stock is, unless Prologis shifts the terms or gets help from its share price or sterling.
SEGRO Chairman Andy Harrison on June 30 accused Prologis of “trying to acquire SEGRO on the cheap.” SEGRO said shareholders will get more information in the week beginning July 6 about its growth plans and data centre strategy, as well as the development pipeline. Investegate
Analysts say Prologis may not want to raise its bid much higher. “In our view Prologis would be reluctant to increase the offer materially and take it above NAV,” said Oli Creasey, head of property research at Quilter Cheviot, to Reuters. Panmure Liberum’s Bjorn Zietsman questioned if the offer “adequately compensates shareholders” for future earnings and SEGRO’s assets. Reuters
| Recent SEGRO trading | Close | Daily move | Volume |
|---|---|---|---|
| June 23, ahead of the public offer | 742.00p | -0.30% | 2.32 mln |
| June 24, after Prologis revealed its bid | 871.40p | +17.44% | 18.87 mln |
| June 30, after SEGRO confirmed another rejection | 875.20p | -1.66% | 5.50 mln |
| July 1 | 886.00p | +1.23% | 5.05 mln |
| July 2 | 883.80p | -0.25% | 2.90 mln |
| July 3 | 880.00p | -0.43% | 1.68 mln |
SEGRO is still up 18.6% from its June 23 close, but volume has dropped off. Friday’s trading was less than a tenth of what it was on June 24, when shares surged after Prologis went public with its bid.
SEGRO is pointing to assets that can’t be easily priced from the screen as part of its defence. In April, the company reported a 30,000 square metre powered-shell data centre pre-let at Slough Trading Estate and planning approval for a first 56MW fitted data centre in West London. SEGRO also flagged a 31% loan-to-value ratio and £1.5 billion in cash and undrawn committed facilities.
Major holders are still key in the offer period. BlackRock Inc on July 3 reported stakes in 169.9 million SEGRO shares and related instruments, making up 12.54%, and also disclosed 0.14% short. The firm said it has investment discretion over 16.4 million shares that it can’t vote.
SEGRO is on the Takeover Panel’s disclosure table as being in an offer period starting June 24. Prologis is named as the offeror, and the Rule 2.6 deadline is set for 1700 London time on July 22. Investors are watching to see if the value case next week will be enough to move SEGRO’s shares off the current bid line.
