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北京时间·🕒 发布 22:17:13时区推断·⟳ 抓取 22:17:39·⚡ 决策 07-22 22:21:21 +3m42s·97.2 天前
Prologis 将对 Segro 提出约188亿美元全股票最佳最终收购方案
Prologis 将报价提高9.5%，新方案约140亿英镑/188亿美元，较6月23日收盘价溢价39%。
📄 原文Seeking Alpha↗ 原文
Prologis makes 'best and final' offer for Segro at ~$18.8B all-stock deal
Prologis (PLD) on Wednesday announced its 'best and final' proposal to acquire the British industrial property giant Se…
不做 Segro（SEGXF.US）
不做：这是已公开收购谈判的加价方案，尚非 Segro 董事会推荐的确定交易，且美股 OTC 标的流动性/价差不适合直接事件交易。
不做 Prologis（PLD.US）
不做：对收购方是全股票发行与整合压力并存的并购事件，方向不够单一，缺少短线同向正期望。
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
🔎 新鲜度:最早出现 2026-07-22 · 扩散 medium · price-in 风险 medium ↗
关键理由
- Prologis 将报价提高9.5%，新方案约140亿英镑/188亿美元，较6月23日收盘价溢价39%。
- 交易仍是拟议全股票方案并要求 Segro 延长 PUSU 截止期，不是已获董事会推荐的确定交易。
- 对 Prologis 是摊薄和整合事件，对 Segro 是收购溢价事件，但当前主要可交易边界取决于英国标的流动性和董事会态度。
主要风险
- Segro 此前已明确拒绝初始方案，本次仍未披露董事会接受，交易完成概率不够确定。
- 美股 OTC 映射 SEGXF 流动性和价差风险可能较高，不适合事件卡直接执行。
原文全文
展开原文 · 1,895 字
Prologis (PLD) on Wednesday announced its 'best and final' proposal to acquire the British industrial property giant Segro Plc (SEGXF).
In June, PLD publicly disclosed an unsolicited £12.6B ($16.6B) all-stock acquisition proposal for Segro that was immediately and unequivocally rejected by Segro's board.
The proposal represented a 24.6% premium to Segro's June 23 closing share price and would leave Segro shareholders owning about 10.5% of the combined company.
In its final offer, Prologis offered to acquire the entire issued and to-be-issued share capital of Segro for a 9.5% increase over the initial proposal. The offer comes to 0.0920 new PLD shares for each Segro share.
The offer values the issued and to-be-issued share capital at ~£14.0B ($18.8B).
The transaction also includes a partial cash alternative of up to £3.5B, representing a fixed price of 1,031.7 pence per Segro share.
The new offer represents a premium of 39.0% to the closing price of 742 pence per share on June 23, the day before the commencement of the offer period. It represents a premium of 41.3% to the 1-month volume-weighted average share price of 730 pence as of June 23.
The final offer represents a premium of 46.6% to the three-month volume-weighted average share price of 704 pence as of June 23.
Upon completion and assuming that the partial cash alternative is fully taken, Segro shareholders will hold ~8.9% of Prologis' issued share capital.
In connection with the transaction, the industrial REIT is exploring a secondary listing of its shares on the London Stock Exchange (LDNXF) (LSEGY).
"Prologis requests that Segro seek from the Takeover Panel an extension to the PUSU Deadline of 5 PM BST on July 22 to allow sufficient time to agree to the other terms and conditions of a recommended firm offer to be made on the financial terms of the Best and Final Proposal," the REIT said in a statement.
In June, PLD publicly disclosed an unsolicited £12.6B ($16.6B) all-stock acquisition proposal for Segro that was immediately and unequivocally rejected by Segro's board.
The proposal represented a 24.6% premium to Segro's June 23 closing share price and would leave Segro shareholders owning about 10.5% of the combined company.
In its final offer, Prologis offered to acquire the entire issued and to-be-issued share capital of Segro for a 9.5% increase over the initial proposal. The offer comes to 0.0920 new PLD shares for each Segro share.
The offer values the issued and to-be-issued share capital at ~£14.0B ($18.8B).
The transaction also includes a partial cash alternative of up to £3.5B, representing a fixed price of 1,031.7 pence per Segro share.
The new offer represents a premium of 39.0% to the closing price of 742 pence per share on June 23, the day before the commencement of the offer period. It represents a premium of 41.3% to the 1-month volume-weighted average share price of 730 pence as of June 23.
The final offer represents a premium of 46.6% to the three-month volume-weighted average share price of 704 pence as of June 23.
Upon completion and assuming that the partial cash alternative is fully taken, Segro shareholders will hold ~8.9% of Prologis' issued share capital.
In connection with the transaction, the industrial REIT is exploring a secondary listing of its shares on the London Stock Exchange (LDNXF) (LSEGY).
"Prologis requests that Segro seek from the Takeover Panel an extension to the PUSU Deadline of 5 PM BST on July 22 to allow sufficient time to agree to the other terms and conditions of a recommended firm offer to be made on the financial terms of the Best and Final Proposal," the REIT said in a statement.
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