Segro board U-turns on £14bn takeover bid by US rival Prologis
Summary
The UK warehouse company Segro has changed its position and agreed to accept a £14 billion takeover offer from the US company Prologis. Prologis made a higher share offer after several rejected bids, and the deal would be a major foreign takeover of a UK-listed firm.Key Facts
- Segro is a British company that owns large warehouse spaces used by major firms like Amazon and Netflix.
- Prologis, a bigger US company, offered to buy Segro for £14 billion in shares.
- Segro’s board had initially rejected earlier bids but later recommended shareholders accept Prologis’s improved offer.
- Prologis’s final offer values Segro shares at £10.32 each, about 9.5% higher than its first offer.
- Shareholders would also receive a dividend and Segro could remain listed on the London stock market.
- Prologis has until August 12 to confirm the deal or walk away.
- The takeover interest comes as UK companies have become relatively cheaper for foreign buyers since the Iran conflict started.
- Norges Bank, a major investor in both companies, supported Segro engaging with Prologis on the deal.
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