LONDON, June 26, 2026, 13:05 BST
- SEGRO traded at 878.3p, off 0.2% on the day. The stock stayed up 18.7% for the week after Prologis disclosed its bid.
- With Prologis last at $140.53 and sterling at $1.3219, the 0.084-share swap values at around 893p—just 1.7% over SEGRO’s price.
- Prologis’s opening 925p headline offer was the same as SEGRO’s last reported adjusted NAV/EPRA NTA per share.
- Prologis has a deadline of 1700 London time on July 22 to either make a firm offer or pull out.
SEGRO plc (LON:SGRO) gave up little of its takeover-driven rally on Friday. Shares traded at 878.3p on Cboe Europe at 0801 EDT, down 0.2%. The live bid spread now matters more than the offer headline. London’s FTSE 100 (INDEXFTSE:UKX) slipped 0.7% by 0907 GMT.
Prologis Inc (NYSE:PLD) gave a 925p number that’s out of date. That figure came from Prologis’ June 23 close at $145.30 and a GBP/USD rate of 1.32. With Prologis now at $140.53 and sterling at $1.3219, the same 0.084-share exchange ratio turns into roughly 893p. The spread is now about 14.7p, not the 46.7p gap used in the headline offer.
This is a share offer, not a cash deal, so SEGRO investors get Prologis stock. The sterling value shifts with Prologis’ share price and the pound-dollar exchange rate unless Prologis tweaks the ratio or brings in another payment option.
Prologis made its £12.6 billion all-share proposal public on June 24 after SEGRO turned it down. Under the terms, SEGRO shareholders would get 0.084 new Prologis shares per SEGRO share. They’d hold around 10.5% of the combined group.
SEGRO’s board said the bid came in too low and looked timed to take advantage of where the shares trade versus what the company thinks they’re worth. The board also flagged its development pipeline and its data centre platform.
Book value is a sticking point for Prologis. SEGRO put adjusted NAV per share at 925p as of the end of 2025. Prologis said its offer matched SEGRO’s last reported EPRA NTA per share. “In our view Prologis would be reluctant to increase the offer materially and take it above NAV,” Oli Creasey, head of property research at Quilter Cheviot, told Reuters. Segro
Panmure Liberum’s Bjorn Zietsman said it’s not clear the proposal “adequately compensates shareholders” for SEGRO’s future earnings, returns and assets, according to Reuters. Shares after the offer price point to the market expecting SEGRO to get a better bid, but little premium to where Prologis stock is trading now. Reuters
SEGRO is seeing more than just takeover chatter. In April, it said it signed £23 million in new headline rent for the first quarter and saw a 38% jump on UK rent reviews, renewals and regears. CEO David Sleath called it “a strong start to 2026” and pointed to demand for modern industrial, logistics and data-centre space. Segro
SEGRO’s 2025 results showed £152 million in extra rental income potential from its current portfolio. Projects in build or at an advanced stage could add another £62 million. SEGRO also reported a 2.5GW powered land bank, with 1.1GW that could be pre-let by the end of 2028. Prologis has said it sees its own balance sheet and access to capital as key to getting value out of SEGRO’s development and data-centre pipeline.
Resolution Capital Limited reported holding 1.23% of SEGRO and sold 63,929 ordinary shares at £8.7995 on June 25, fresh filings show. The disclosure came in a Form 8.3 posted Friday after the takeover bid went public.
SEGRO’s shares surged 17.4% to the top of the FTSE 100 on June 24 after the offer, with the FTSE 350 real-estate investment trusts index up 6.9%, Reuters said. SEGRO will report provisional half-year numbers July 30, which falls eight days after the Prologis takeover deadline.
