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Prologis Says Segro Board Extends Takeover Deadline

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Prologis (PLD) said Wednesday that Segro's board has agreed to extend the deadline for a takeover offer to Aug. 12, and concluded that Prologis' final proposal is "at a level that it would be minded to recommend to Segro shareholders."

Prologis said it is ready to work with Segro, although it is not certain that a formal offer for Segro would be made.

The company sent earlier Wednesday its revised proposal offering 0.0920 new Prologis shares for each Segro share, a 9.5% increase from its initial proposal, plus a partial cash alternative of up to 3.5 billion pounds ($4.7 billion), valuing Segro at about 14 billion pounds, or 1,031.7 pence per share.

Price: $144.74, Change: $-5.20, Percent Change: -3.47%

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Prologis Says Segro Board Extends Takeover Deadline | FINWIRES