Prologis said Segro has rejected a sweetened third takeover offer that values the company around 13.5 billion pounds, equivalent to $18.16 billion.

The world's largest owner of industrial real estate said Monday that a third offer was rejected on July 17. This followed a second approach, which was rejected days prior on July 12. The revised offers come amid a flurry of trans-Atlantic dealmaking that has resulted in some of the longest-standing members of the London Stock Exchange leaving the bourse.

Prologis is stepping up its effort to acquire Segro by including a 2.7 billion pounds cash component--which equates to 20% of the total offer. The revised offer also includes 0.0890 new Prologis shares for each Segro share, a 6% increase on the initial proposal.

Prologis said based on its stock's closing price of $149.79 on Friday and assuming Segro shareholders opt for the 20% cash component, the third proposal values each Segro share at 993 pence. This is a 33.8% premium to Segro stock's closing price on June 23, before the first offer was made.

Segro shares were down 1.8% in mid-morning trade at 881.40 pence.

The deal would be Prologis' largest since the $26 billion--including debt--acquisition of Duke Realty in 2022. Through that deal, the San Francisco-based company grew its exposure to e-commerce. It has recently been looking to expand its data-center footprint to capitalize on artificial-intelligence demand.

If the deal completes, and assuming the cash consideration is fully accepted, Segro shareholders would hold a roughly 9.2% stake in Prologis, it said.

Prologis added Monday that it would consider a secondary listing of its shares on the London Stock Exchange should there be sufficient demand from investors.

Segro previously described Prologis' first offer as falling a long way short of its own views on value. It added that it was opportunistically timed and sought to take advantage of a dislocation between its share price and its prospects accentuated by geopolitical turmoil.

Prologis said the third offer is compelling for both sets of shareholders and urged Segro shareholders to encourage their board to recommend the combination.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

July 20, 2026 04:20 ET (08:20 GMT)

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