British warehouse developer Segro has agreed to a £14 billion takeover by US firm Prologis, after weeks of negotiations. The FTSE 100 company had previously rejected three offers, with the latest before this one valued at about £13.5 billion.
Prologis made a 'best and final offer' of £14 billion late last month. Under the terms, Segro shareholders will receive 1,032p per share, paid largely in stock plus £3.5 billion in cash. The expanded company will seek a secondary share listing in London.
Segro's board said on Tuesday it would recommend the deal, calling the terms 'fair and reasonable'. David Sleath, Segro's chief executive, said the combination would bring together complementary businesses and create a strong platform for logistics and data centre infrastructure.
Daniel Letter, Prologis's chief executive, expressed respect for Segro and its team, saying the companies would work to create greater value for customers and shareholders. The deal is the latest in a series of overseas takeovers of UK businesses.
Source: gazetteandherald.co.uk
