August 12, 2026 | Real Estate | Europe | Active
UK industrial REIT Segro agreed to a £14.0bn offer from Prologis on 4-Aug-26, under which Segro shareholders will receive 0.0920 new Prologis shares for each Segro share. The stock offer valued Segro at 998.1p per share based on the last trading day before the Rule 2.7 announcement, implying a 39.0% takeover premium to its 742p undisturbed price on 23-Jun-26. It also represents a 14.4% premium to Segro’s last reported EPRA NTA, the industry-standard net tangible asset measure. Segro shareholders may instead elect the “Partial Cash Alternative”, subject to a £3.5bn cap representing 25% of the offer’s total equity value. As the basic alternative, electing shareholders will receive 25% of a fixed 1,031.7p cash price, equivalent to 258p cash + 0.069 Prologis shares. They may also elect for additional cash, at 1,031.7p, although elections will be scaled back pro rata if the £3.5bn cap is exceeded. Non-electors default to the full 0.0920 share ratio. The cash portion will be funded from a £3.6bn committed term loan and existing liquidity. Segro typically pays dividends twice yearly, and through completion its shareholders will retain a 2026 final dividend of up to 22.56p per share (ex-date: 11-Mar-27) and the company’s recently-declared interim dividend (10.14p, traded ex- dividend on 6-Aug-26 and is payable on 17-Sep-26), both of which will not affect the offer terms. Segro has committed not to hold its scheme hearing or deliver the Court Order until after a 2027 AGM approving the final dividend, expected “no later than” March 2027, despite historically taking place in April. If completion is delayed further, a ...
Contents
Please contact us to request access to this report.