Segro’s board has performed a dramatic U-turn on a £14bn takeover approach from its US rival Prologis, paving the way for what would be one of the biggest property deals in recent years.
Background to the deal
The British warehousing giant had previously rejected the approach, but on Friday it said it had decided to engage with the US suitor after receiving a revised proposal. The move marks a significant shift in stance and could lead to a formal offer.
Impact and next steps
Segro said it had granted Prologis access to due diligence, a key step in takeover talks. The company’s shares surged on the news. The deal would create a global logistics property powerhouse worth more than £50bn.
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