SEGRO (LSE:SGRO) has publicly rejected a takeover approach from US logistics real estate giant Prologis, with its chairman describing the current proposal as insufficient to justify any further engagement.
The FTSE 100 warehouse and industrial property REIT said its board reviewed the announcement and presentation issued by Prologis on 9 July and found the terms unchanged from a proposal it had already turned down.
"The board takes its fiduciary duties very seriously, but the value of Prologis's current, rejected proposal does not reflect any basis for further engagement," chairman Andy Harrison said. "Prologis's latest announcement and presentation are consistent with its attempt to buy SEGRO on the cheap."
Prologis first signalled its interest on 24 June but has not yet made a firm offer under the City Code on Takeovers and Mergers, and there is no certainty one will follow.
Under the Code, Prologis must either announce a firm intention to make an offer or walk away by 5.00pm on 22 July.
