SEGRO Plc (SGRO.L): Announces rejection of £12.6bn takeover share bid from Prologis

Research evidence excerpt

SEGRO Plc (SGRO.L): Announces rejection of £12.6bn takeover share bid from Prologis

Equity Research

24 June 2026 | 12:24PM BST

SEGRO Plc (SGRO.L): Announces rejection of £12.6bn takeover share bid

from Prologis

Prologis (covered by Caitlin Burrows) today announced it had sent an all‑share Jonathan Kownator

+44(20)7051-2974 |

takeover proposal to SEGRO on 16th June which the Board of SEGRO rejected on jonathan.kownator@gs.com

Goldman Sachs International

23rd June. The SEGRO Board, in its own press release, described the offer as

Kuber Sood, CFA

opportunistically timed and well below their view of the company’s value. +1(332)245-7812 | kuber.sood@gs.com

Goldman Sachs India SPL

The proposal valued SEGRO at c.£12.6bn ($16.6bn), with an implied offer price of Rebecca Parker

925p/share (c.25% premium to the prior close of 742p) based on an exchange ratio +44(20)7051-6646rebecca.x.parker@gs.com|

of 0.084 new Prologis for each SEGRO share and equal to SEGRO’s reported FY25 Goldman Sachs International

NTA. Under these terms, SEGRO shareholders would hold 10.5% of the combined

entity.

The SEGRO board said the proposal was insufficient and reiterated confidence in the

company’s standalone strategy, supported by its strong balance sheet, proven

platform and attractive development (including data centre) pipeline. Prologis

outlined a strategic rationale centred on leveraging its global platform and balance

sheet to unlock value from SEGRO’s development and data centre pipeline.

Under UK Takeover Code rules, Prologis has until 22 July to announce a firm offer or

walk away.

We note that the implied offer price corresponds to FY25 NTA. We forecast

FY26/FY27 NTA at 931p/982p. Within SEGRO’s current balance sheet at FY25, land

value represented c.