July 20 (Reuters) – Segro (SGRO.L), has rejected the second sweetened takeover proposal from Prologis (PLD.N), valuing the British warehouse landlord at £13.5 billion ($18.18 billion), the U.S. logistics giant said on Monday.
Segro’s board unanimously rejected the third proposal, which valued the firm at £9.93 per share and consisted of 0.0890 new Prologis shares for each Segro share plus a partial cash alternative of up to £2.7 billion, Prologis said.
Segro first rejected the U.S. firm’s £12.6 billion all-share proposal in June, saying it was “opportunistically timed” and significantly short of fair value.
Segro did not immediately respond to Reuters request for comment outside usual business hours.
($1 = 0.7427 pounds)
Reporting by Nithyashree R B, Prerna Bedi and Raechel Thankam Job in Bengaluru; Editing by Subhranshu Sahu.
