The following statement has been issued by SEGRO
"The Board of SEGRO plc ("SEGRO" or the "Company") notes the announcement by Prologis, Inc. ("Prologis") and confirms that on 16 June 2026 it received an unsolicited proposal from Prologis regarding a possible offer for the entire issued and to be issued share capital of the Company (the "Proposal").
"The Proposal comprised 0.084 new Prologis shares for each SEGRO share. Based on the Prologis share price of $145.3 and GBP:USD exchange rate of 1.32 as at market close on 23 June 2026, the Proposal represented a value of 925 pence per SEGRO share.
"The Board of SEGRO has unanimously and unequivocally rejected the Proposal, which falls a long way short of SEGRO's own views on value.
"The Board of SEGRO considered the Proposal together with its advisers and believed that the Proposal was opportunistically timed and sought to take advantage of the clear dislocation between SEGRO's current share price and its highly attractive underlying business and strong prospects. This has been accentuated by major geopolitical issues which have adversely impacted trading valuations across the UK and European real estate sectors relative to the US REIT sector.
"SEGRO has a clear strategy, supported by a strong balance sheet and a proven operating platform. Momentum is building in SEGRO's occupational markets and the Company has a large and attractive development pipeline, including an exceptional data centre platform, as well as a long track record of delivery.
"Accordingly, the Board remains very confident in SEGRO's ability to capture substantial value for its shareholders during the coming years.
"The announcement by Prologis does not amount to an announcement of a firm intention to make an offer. Save as set out in the Prologis announcement, there can be no certainty that any offer will be made for the Company, nor as to the terms of any such offer should one be made.
"This announcement has been made without the consent of Prologis.
"In accordance with Rule 2.6(a) of the Code, Prologis is required, by not later than 5.00pm (London time) on 22 July 2026, being 28 days after 24 June 2026, to either announce a firm intention to make an offer for SEGRO in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code."
