Segro Plc

Several major acquisition agreements were announced this week. DoubleVerify agreed to be acquired by Nielsen in an all-cash transaction valued at approximately $2.15 billion, with shareholders receiving $13.60 per share. Advanced Micro Devices signed a definitive agreement to acquire Taalas, a developer of specialized AI inference silicon. Visa agreed to acquire BioCatch, a provider of behavioral-first fraud intelligence, for $2.4 billion from funds advised by Permira. Prologis reached an agreement to buy SEGRO plc for about $18.8 billion after securing a board recommendation. Bending Spoons is acquiring Airtable in an all-cash transaction valuing the workflow software company at an enterprise value of $1.285 billion, implying an equity value of about $2.25 billion. Curium announced a deal to acquire all outstanding shares of Lantheus Holdings for up to $114.50 per share in cash, including contingent value rights. Atkore entered into a definitive agreement to be acquired by Prysmian in an all-cash transaction representing an enterprise value of approximately $3.8 billion. Supernus Pharmaceuticals and Indivior Pharmaceuticals agreed to merge in an all-stock merger of equals. Digital Brands Group shares surged after receiving a proposal from an existing shareholder to acquire all outstanding shares for $77.58 per share in cash. Gloo entered into a definitive agreement to acquire Cedarstone, a business services firm serving nonprofit organizations.

Prologis and SEGRO have reached agreement on a recommended share offer with a partial cash alternative, under which Prologis will acquire the entire issued and to be issued ordinary share capital of SEGRO. The Combination Consideration of 1,031.7 pence per SEGRO Share represents a premium of approximately 39.0 per cent to SEGRO’s closing share price of 742 pence on 23 June 2026. SEGRO Shareholders will receive 0.0920 New Prologis Shares for each SEGRO Share, with a Partial Cash Alternative of up to £3,509,777,110.70, representing approximately 25 per cent of the total value of the consideration based on a fixed price of 1,031.7 pence per SEGRO Share. The SEGRO Directors intend unanimously to recommend the Combination, which is expected to complete in H1 2027, subject to shareholder and regulatory approvals. The Combined Group would bring together two high-quality portfolios with approximately £200 billion of assets under management.

British warehouse developer Segro has accepted a £14 billion takeover offer from US rival Prologsis. The FTSE 100 group had previously rebuffed three offers, the last worth about £13.5 billion, before Prologsis made a best and final offer late last month. Segro’s board recommended the deal, calling the terms fair and reasonable, with shareholders receiving 1,032p per share, paid largely in stock plus £3.5 billion in cash. The combined entity will seek a secondary listing in London.

London stocks closed lower on Thursday as the widening Middle East conflict and a surge in oil prices unnerved investors. The FTSE 100 index fell 77.80 points, or 0.7%, to 10,639.17, while the FTSE 250 dropped 1.3% and the AIM all-share lost 0.8%. Brent crude topped 100 dollars a barrel for the first time since May after Yemen's Houthi rebels attacked two Saudi tankers, and US President Donald Trump threatened Iran and the Houthis with major military punishment. The European Central Bank kept interest rates unchanged but signalled that higher energy costs could reignite inflation, with President Christine Lagarde suggesting another rate hike could come as soon as September. In London, oil majors BP and Shell rose 3.1% and 1.6% respectively, while Segro led the FTSE 100 with a 6.5% gain after saying it was prepared to recommend a takeover proposal from Prologis that values the company at around 14 billion pounds. Centrica sank 10% after reporting lower operating profit and revenue, and on the FTSE 250, CVS Group fell 6% despite higher annual revenue, citing a challenging UK economic backdrop.

British data centre owner Segro is set to accept a £14 billion takeover offer from American warehousing giant Prologis. Segro said on Wednesday it would probably agree to the bid after Prologis improved its offer to what it called its best and final proposal of £10.32 a share, an all-share deal with a cash alternative. The deadline for a binding offer has been extended to August 12. If completed, it would be the largest takeover of a London-listed company this year, adding to a wave of departures from the London stock market.

Segro's board has agreed to back an increased takeover bid from Prologis, valuing the London-based logistics warehouse operator at £14 billion, or $18.7 billion. The San Francisco-based real estate investment trust put forward its best-and-final offer early Wednesday, which increases the cash payout option for Segro shareholders to up to 25% from a previous cap of 20%. Under the new terms, Segro stockholders would receive 0.092 new Prologis shares for each share held, representing a 9.5% increase over Prologis' initial June 24 offer and a 47% premium to Segro's three-month weighted average share price. The UK Takeover Panel has granted an extension, giving Prologis until August 12 to finalize its intentions. Segro shares closed up 2.9% on the London Stock Exchange and have risen 21% since the first bid, while Prologis shares were off 3.1%.

Teachers Insurance and Annuity Association of America, Teachers Advisors, LLC, and Nuveen Asset Management, LLC disclosed a 0.18% interest in SEGRO plc, holding 2,396,281 ordinary shares as of July 17, 2026. The disclosure, made under Rule 8.3 of the Takeover Code, also noted a purchase of 24,431 shares at GBP 8.82 per share. The discloser is also making disclosures in respect of Prologis Inc, another party to the offer.

Dimensional Fund Advisors Ltd. disclosed a 1.15% interest in SEGRO PLC, holding 15,604,864 ordinary shares as of 16 July 2026. The disclosure was made under Rule 8.3 of the Takeover Code and also notes that Dimensional is making disclosures in respect of Prologis Inc, another party to the offer. During the period, Dimensional purchased 192,132 shares at 8.8400 GBP per share and sold 1,304 shares at 8.5802 GBP per share, with a transfer in of 15,210 shares. Dimensional Fund Advisors LP and its affiliates do not have discretion over voting decisions for 365,570 of the reported shares.

UK warehouse demand has recovered after three years of post-pandemic consolidation, with industrial net absorption turning positive in the second quarter of 2026 to reach nearly 6 million square feet, its strongest reading in more than three years. Defence-linked demand reached nearly 1 million square feet in the first half, helped by the Ministry of Defence's 545,000-square-foot facility at Panattoni Park Swindon, while Amazon took an estimated 6 million square feet over the past 18 months, including its 2 million-square-foot Segro Park Northampton facility that opened last month. Chinese e-commerce platforms continue expanding their UK logistics footprints, with more than 2 million square feet leased or under offer by mid-2026, putting Chinese occupier take-up on course for another record year. Twelve-month net absorption returned to positive territory after bottoming out at 23 million square feet in 2024, according to data from CoStar.

Prologis announced a £12.6 billion buyout offer for Britain's Segro on June 24, taking the bid public after the warehouse landlord rejected the initial approach. The offer aims to pressure Segro's board into negotiations, with Prologis arguing that the FTSE 100-listed company trades at a persistent discount to its net asset value and faces obstacles in realizing its development and data center pipeline. Raymond James renewed coverage of Prologis on June 17 with a Market Perform rating, citing the company's data center expansion as a growth catalyst and noting a stronger industrial lease pipeline and solid integrated mark-to-market.

Dimensional Fund Advisors Ltd. disclosed a 1.14% interest in Segro PLC, holding 15,393,350 ordinary shares as of 01 July 2026. The disclosure was made under Rule 8.3 of the Takeover Code and also relates to Prologis Inc. Dimensional sold 31,821 shares at 8.7696 GBP per share and reported a transfer in of 32,760 shares. The firm stated it does not have discretion over voting decisions for 173,438 of the shares.

Prologis has made a public, all-stock takeover proposal for UK warehouse owner Segro valued at £12.6 billion, representing a roughly 25% premium. Segro's board rejected the offer, and Prologis is now urging Segro shareholders to push for further engagement. The proposed deal would combine two large logistics warehouse owners in Europe, potentially creating one of the largest logistics platforms in the region. Prologis must decide whether to return with a revised proposal before the 22 July deadline, while investors watch for any competing bidders.

The FTSE 100 closed higher on Wednesday, lifted by a surge in property stocks after Segro rejected a £12.6 billion takeover proposal from US logistics giant Prologis. Segro shares jumped 17%, sparking gains across the sector, with Tritax Big Box REIT up 6.4% and British Land and Land Securities both up 4.1%. Housebuilders also advanced, with Barratt Redrow and Persimmon rising 6.6% and 5.8% respectively, supported by a further fall in UK bond yields and Berkeley Group's full-year profit slightly ahead of guidance. The gains offset a slump in mining and energy stocks as gold fell to $4,014.40 an ounce and Brent crude slipped below $75 a barrel for the first time since the start of the Middle East war, dragging BP down 3.7% and Shell down 1.9%. The FTSE 100 closed up 32.78 points, or 0.3%, at 10,461.63, while the FTSE 250 added 0.8% and the AIM All-Share fell 0.7%.

Analysts say Prologis clearly has the capacity to improve its all-share takeover offer for Segro after the UK logistics property group rejected an initial £12.6 billion approach. The US giant’s proposal valued Segro at 925p a share, a 24.6% premium to the undisturbed price and roughly in line with last reported net asset value, but Segro’s board dismissed it as opportunistically timed and falling a long way short of the company’s worth. Stifel analyst John Cahill noted that with a market value of around $139 billion, an improved offer is clearly possible, while AJ Bell’s Dan Coatsworth said making the bid public suggests it is just an opening salvo. Panmure Liberum’s Bjorn Zietsman argued any offer must compensate for future returns from Segro’s development pipeline, urban logistics portfolio, power infrastructure and emerging data centre operations, a view he said Prologis’s own rationale appears to support. Peel Hunt’s Matthew Saperia added that the latent value in the pipeline alone warrants a premium valuation, making the current terms unattractive.

European stocks were mixed on Wednesday amid AI spending skepticism and mixed signals from US-Iran talks. The pan-European STOXX 600 was marginally higher at 634.65, while Germany's DAX fell 0.8 percent, France's CAC 40 edged up 0.2 percent, and the UK's FTSE 100 was marginally higher. Defense stocks slumped after reports that Germany would abandon plans to build six warships, with Rheinmetall plunging 13.4 percent, Renk down 5.7 percent, Leonardo losing 3.8 percent, and Saab falling 2.7 percent. Berkeley Group Holdings shares jumped nearly 5 percent after the housebuilder posted annual results in line with guidance, while SEGRO soared more than 15 percent after rejecting a £12.6 billion takeover bid from Prologis.