June 14, 2022 | Real Estate | North America | Ended

Duke Realty / Prologis: Deal Insights

On 13-Jun-22, real estate investment trust (REIT) Prologis entered into a definitive agreement to buy smaller rival Duke Realty in an all-stock transaction. Duke shareholders will receive 0.475 Prologis share for each Duke share held. Based on Prologis’ closing price on 10-Jun-22, the offer values Duke at $55.69 per share, implying 11.9% one-day premium. Prior to the definitive announcement, Prologis made an unsolicited bid for Duke on 10-May-22 at a lower, 0.466 merger ratio, which then implied $61.68 per Duke share and a one-day premium of 29%. The accepted offer is a 16.7% premium to Duke’s undisturbed price on 9-May-22. The merger parties may declare quarterly distributions up to $0.28 per Duke share and $0.79 per Prologis share, and we assume that these will be paid through completion. The upcoming Prologis and Duke ex-dividend dates are ...

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