Breaking News | Prologis Posts Beat, Raises Guidance While Pursuing £14B Segro Acquisition

Prologis reported Q2 2026 Core FFO per share of $1.63, beating consensus by $0.08 and analyst estimates by $0.09. Management raised the midpoint of full-year guidance by $0.11 to $6.26 per share. Concurrently, Prologis submitted a "best and final" proposal to acquire UK warehouse landlord Segro for approximately £14 billion (roughly $18.72 billion). The offer values Segro at £10.32 per share-a 39% premium to its June 23 closing price and 14% above its June 30 pro forma adjusted NAV of 905 pence. The deal structure includes 0.0920 new Prologis shares per Segro share, with a partial cash option capped at £3.5 billion (about 25% of total consideration). If fully subscribed, Segro shareholders would own approximately 8.9% of the combined entity. Prologis urged Segro's board to seek an extension beyond the July 22 UK takeover deadline to finalize terms, while stating the offer price is final except under exceptional conditions such as a competing bid. Activist investor Palliser Capital, a Segro shareholder, publicly backed the proposal and called for deadline extension talks.

• July 22, 2026: UK "Put Up or Shut Up" deadline-Prologis must announce a firm offer or walk away unless an extension is granted.

• Segro board response to the revised proposal and extension request.

• Potential competing bids that could trigger Prologis to adjust terms.

• Feasibility outcome for a secondary London Stock Exchange listing of Prologis shares.