The offer consists of 0.0920 Prologis shares alongside a partial cash alternative capped at £3.5 billion. This marks a significant escalation from a third proposal rejected by the British group just days prior. Prologis maintains this is their definitive price, though they reserved the right to pivot under exceptional circumstances. The bid represents a 45% premium over Segro’s closing price on June 23, the day before the initial interest became public.

Market reaction was swift, with Segro shares climbing over 4% to reach £9.07 in early trading, though they remain beneath the new offer price. Pressure had been mounting from shareholders including APG Asset Management, Norges Bank, and CCLA Investment Management, who publicly urged both boards to pursue a combination they deemed strategically valuable. While a Segro spokesperson noted the company had been engaging with Prologis over the weekend to discuss a potential revision, the board has yet to issue a formal response to this latest ultimatum.