ReutersCodex · 实盘不做把握 6/10
北京时间·🕒 发布 17:23:37时区推断·⟳ 抓取 20:20:31·⚡ 决策 07-22 20:36:23 +15m52s·97.1 天前
Prologis上调对SEGRO的最终收购提案至每股1031.7便士
Prologis把对SEGRO的提案提高至每股1031.7便士，较6月23日收盘价有约39%溢价，短线方向对SEGRO偏正面。
📄 原文Reuters↗ 原文
U.S. warehousing giant Prologis (PLD.N) on Wednesday made what it called its best and final proposal to buy British r…
不做 SEGRO（SGRO.GB）
事件方向对被收购方利好，但当前只是可能要约而非正式要约，SEGRO已盘中上涨且市场仍按成败概率折价；同时当前系统交易时钟未覆盖伦交所，无法给可回测执行单，不做。
不做 Prologis（PLD.US）
Prologis是收购方，事件对其短线方向混合，存在换股稀释和交易不确定性；没有同向正期望交易，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- Prologis正式发布best and final提案，每股价值1031.7便士，并请求延长PUSU期限；公告同时说明这不是Rule 2.7正式要约。市场反应:SEGRO盘中上涨但仍低于提案价。
- Reuters报道Prologis提出约140亿英镑最终收购方案，SEGRO股价约0936 GMT涨逾4%至9.07英镑。市场反应:SEGRO约9.07英镑，低于10.32英镑提案价。
- 多家主流媒体同步报道提案上调、主要股东敦促双方继续谈判，说明传播已较广。市场反应:市场仍保留较大交易折价。
关键理由
- Prologis把对SEGRO的提案提高至每股1031.7便士，较6月23日收盘价有约39%溢价，短线方向对SEGRO偏正面。
- SEGRO盘中约901–907便士，仍低于提案价约13%–14%，说明市场仍给董事会拒绝或无法在PUSU期限前推进留下较大折价。
- 这仍是英国收购守则Rule 2.4下的可能要约，不是Rule 2.7正式要约，且Prologis称为best and final，继续加价空间被压缩。
主要风险
- 核心风险是SEGRO董事会继续认为估值不足，或PUSU期限未获延长，股价可能回吐至要约前区间。
- 本系统当前执行时钟未覆盖伦交所，且事件已在伦敦盘中充分扩散并反映，不能给可回测的同向入场单。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-22 · 影响 weakens
官方公告明确不是Rule 2.7正式要约且不能保证提出正式要约；SEGRO此前多次称报价低估公司价值。
检索:Segro Prologis board undervalues offer PUSU deadline best final no certainty offer 原文 ↗
原文全文
展开原文 · 2,478 字
U.S. warehousing giant Prologis (PLD.N) on Wednesday made what it called its best and final proposal to buy British rival Segro (SGRO.L) for about £14 billion ($18.8 billion), in a last-minute approach ahead of a deadline as investors urged the pair to keep talking.
Shares in Segro rose more than 4% to £9.07 by 0936 GMT but remained below the new bid price of £10.32 per share.
The proposal comprises 0.0920 Prologis shares and a partial cash alternative of up to £3.5 billion, while retaining the possibility of a secondary London listing, marking an improvement from the third bid Segro rejected on Monday.
"The Best and Final Proposal is final and will not be increased," Prologis said in a statement, although it added that it could do so in some exceptional cases.
Its bid is at a 45% premium to Segro's closing price the day before Prologis' interest became public on June 24.
SEGRO CITES UNDERVALUATION
Segro has previously insisted the bids undervalued it while turning down approaches from Prologis going back to March 2024.
If a deal is agreed, it could be one of the biggest foreign takeovers of a UK-listed company, LSEG data showed, and add to record levels of dealmaking in the country.
"We met and engaged with Prologis over the weekend and have been clear that we would consider and engage again on a revised proposal," Segro said in a statement emailed to Reuters shortly before Prologis' improved bid was announced.
Segro, which owns around 10.9 million square metres of space across Europe, and Prologis, which counts Amazon, FedEx and UPS as customers, have been building out a data centre pipeline to tap into the booming AI industry.
Prologis said it has requested authorities for an extension to the deadline to formalise a takeover, which was for 1600 GMT on Wednesday.
SHAREHOLDER PRESSURE
Investors including APG Asset Management, Norges Bank and CCLA Investment Management urged the companies to engage in talks, saying a combination was valuable.
APG and Norges are top three shareholders in Segro, and they are also investors in Prologis. CCLA meanwhile is a smaller investor in Segro.
An offer above £10 "may still fall short of Segro's board's expectations but could encourage more shareholders to publicly express their views," Kepler Cheuvreux analyst Frederic Renard had said earlier.
Segro and the investors did not immediately respond to a request for comment on the latest proposal.
($1 = 0.7478 pounds)
Shares in Segro rose more than 4% to £9.07 by 0936 GMT but remained below the new bid price of £10.32 per share.
The proposal comprises 0.0920 Prologis shares and a partial cash alternative of up to £3.5 billion, while retaining the possibility of a secondary London listing, marking an improvement from the third bid Segro rejected on Monday.
"The Best and Final Proposal is final and will not be increased," Prologis said in a statement, although it added that it could do so in some exceptional cases.
Its bid is at a 45% premium to Segro's closing price the day before Prologis' interest became public on June 24.
SEGRO CITES UNDERVALUATION
Segro has previously insisted the bids undervalued it while turning down approaches from Prologis going back to March 2024.
If a deal is agreed, it could be one of the biggest foreign takeovers of a UK-listed company, LSEG data showed, and add to record levels of dealmaking in the country.
"We met and engaged with Prologis over the weekend and have been clear that we would consider and engage again on a revised proposal," Segro said in a statement emailed to Reuters shortly before Prologis' improved bid was announced.
Segro, which owns around 10.9 million square metres of space across Europe, and Prologis, which counts Amazon, FedEx and UPS as customers, have been building out a data centre pipeline to tap into the booming AI industry.
Prologis said it has requested authorities for an extension to the deadline to formalise a takeover, which was for 1600 GMT on Wednesday.
SHAREHOLDER PRESSURE
Investors including APG Asset Management, Norges Bank and CCLA Investment Management urged the companies to engage in talks, saying a combination was valuable.
APG and Norges are top three shareholders in Segro, and they are also investors in Prologis. CCLA meanwhile is a smaller investor in Segro.
An offer above £10 "may still fall short of Segro's board's expectations but could encourage more shareholders to publicly express their views," Kepler Cheuvreux analyst Frederic Renard had said earlier.
Segro and the investors did not immediately respond to a request for comment on the latest proposal.
($1 = 0.7478 pounds)
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