Prologis has disclosed a third takeover proposal for Segro valued at about 13.5 billion pounds, or 993 pence per share, with the latest bid raising the offer to 9.93 pounds per share and a mix of 0.0890 new Prologis shares for each Segro share plus a cash option of up to 2.7 billion pounds.

The bid represents roughly a 34% premium to Segro’s closing price on the day before the offer became public and places a premium of about 33.8% to Segro’s undisturbed pre-offer share price, while also marking a 9.7% premium to Segro’s pro forma NAV as of June 2026.

Segro has consistently rejected Prologis’ approaches, with no immediate comment from Segro cited in the report.

Jefferies notes that Prologis must either announce a firm intention to make an offer or walk away by July 22, or the Takeover Panel may extend the deadline.

Under City takeover rules, Prologis has until 5pm on July 22 to deliver a firm bid or exit the process.

Prologis flags a possible secondary listing of its shares on the London Stock Exchange if the deal proceeds and investor demand supports it.

Any London listing would be contingent on pursuing the deal and board engagement from Segro.

Analysts from Jefferies say Prologis emphasizes its own momentum and expanding data-center pipeline, challenging Segro’s standalone valuation assumptions.

Prologis argues the new offer delivers upfront value, greater flexibility, and long-term upside, while criticizing Segro’s standalone plan as requiring flawless execution and costly external funding.

If completed, the proposed takeover would be the largest ever of a publicly listed European property company.

The bid comes amid a period of declining Segro shares since their 2021 peak, with the stock sliding from above 14 pounds to just over 6 pounds, framing a volatile context for the deal.

Segro has rejected Prologis’ prior bids, and the latest sweetened proposal prompted Prologis to appeal directly to Segro’s shareholders under UK takeover rules that require a firm offer by July 22 or walk away.