US real‑estate giant Prologis has raised its bid for London‑listed rival Segro to a “best and final” offer of £14bn as the takeover deadline approaches. The move comes just before the Wednesday cut‑off that forces a firm proposal or withdrawal.

The new offer values the company at 1,032p per share, up from the earlier 993p that valued Segro at roughly £13.5bn. It also includes a £3.5bn cash alternative that would give Segro investors about 9% of Prologis if fully accepted.

Dan Letter, chief executive of Prologis, said the company had listened to shareholder feedback and was presenting a compelling proposal. The bid has backing from major shareholders, including the Norwegian wealth fund and APG Asset Management, which holds 5% of Segro and over 2% of Prologis.

Segro’s board has insisted that remaining independent would deliver superior returns, and a top']