SEGRO

Segro supports an improved takeover offer from US real estate group Prologis, which has been increased to £14 billion. Prologis is offering 0.092 of its own shares for each Segro share and values Segro at £10.32 per share, including a cash component of up to £3.5 billion. Prologis describes the offer as final and rules out further increases. If the transaction succeeds, Prologis would significantly expand its European presence in the industrial and logistics property market. » More on de.investing.com

Segro said it is "minded to recommend" Prologis’s £14bn (£10.32/share) best-and-final offer, giving both parties until 12 August to agree definitive terms. The decision follows pressure from large shareholders, including Norway’s sovereign wealth fund, despite Segro management arguing for higher standalone value driven by datacentre and logistics growth. Analysts warn the deal will reduce London’s distinct exposure to European datacentre and logistics assets and reflects the ongoing hollowing‑out of the UK stock market. » More on theguardian.com

Segro has turned down Prologis' third offer — valued at £13.5 billion ($18.2 billion) — which proposed 0.089 Prologis shares per Segro share with up to 20% cash and represented a 41% premium to Segro's three-month weighted average price. Prologis argues a combination would provide scale and lower cost of capital and has until Wednesday to confirm firm intentions under UK takeover rules. Segro called the bid opportunistic, saying it would consider only proposals that appropriately reflect the company's embedded value and prospects. » More on finance.yahoo.com