US property group Prologis said on Monday that Segro had rejected a third takeover bid that valued its UK rival at £13.5bn, as it ratcheted up the pressure on the London‑listed landlord to start talks over a deal. The latest proposal valued Segro at 993p a share, up 6 per cent from an initial offer made last month, and was turned down by Segro on Friday.

The bid, largely made up of Prologis shares with a 20 per cent cash component, represented an almost 10 per cent premium to Segro’s net asset value and a 34 per cent premium to its share price before Prologis revealed its interest. Prologis also said it would explore a secondary listing of its shares in the UK as part of the planned deal.

Segro has said the approach undervalues the company and its growth prospects, noting that CBRE values it at about £13 a share. Prologis called that valuation “unrealistic” and said there was no “market evidence” for a 993p price. Shares in Segro closed at 897p on Friday, while Prologis shares rose about 4 per cent to value the group at roughly $140bn. An earlier all‑share proposal in March 2024 at 963p was dismissed as “opportunistic”. The saga is one of several UK deals this summer, with easyJet, Tate & Lyle and DCC also attracting overseas interest.

Under UK takeover regulations Prologis has until July 22 to make a firm offer or walk away.