Segro has rejected Prologis’ third acquisition bid valued at £13.5bn, stating that its "standalone prospects underpin superior value creation" against the latest proposal.

The US firm said its new offer, comprising 0.089 new Prologis shares for each Segro share and a new partial cash alternative of up to £2.7bn, provides a “compelling opportunity for both sets of shareholders”, representing a 33.8% premium on Segro’s closing share price on 23 June.

While the FTSE 100 warehouse and industrial property group has rejected the proposal, it has engaged with Prologis management to improve the financial terms to a level that "could be capable of being recommended" by its board.

It follows a number of bids and presentations in recent weeks, which saw Segro state that Prologis’ previous offer did not "reflect any basis for further engagement".

Following the latest offer, Segro said that should the US firm submit an “improved proposal” that more appropriately reflects its value and future prospects, it would continue to engage further with the company.

However, the UK firm has urged its shareholders to take no action in relation to the most recent proposal.

Chairman at Segro, Andy Harrison, stated: "The Board does not believe that Prologis's latest proposal to acquire SEGRO reflects the quality, scarcity or long-term prospects of SEGRO's portfolio and platform and has been rejected unanimously by the Board.

“The Board is seeking to maximise value for shareholders and would further engage on any proposal which appropriately reflects the considerable embedded value and prospects of our business.

“We will continue to engage with our shareholders and remain focused on executing our clear strategy that underpins superior value creation."

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