The chief executive of Prologis has accused the board of Segro of relying on “very aspirational” projections as it resists a £13.5bn takeover bid by his company. Prologis, a US real estate giant, has been increasing pressure on the London-listed Segro after making two further rejected bids.

Prologis boss Dan Letter stated that Segro’s board is difficult to understand given their “aspirational business plan.” Segro maintains that remaining independent will yield superior shareholder returns, with a commissioned report valuing its shares at about £13, significantly higher than Prologis’s most recent offer of 993p. The offer is primarily in Prologis shares with a 20 per cent cash component.

Norway’s sovereign wealth fund, holding 8 per cent of Segro, tentatively backed the bid and encouraged constructive discussions. However, UK investor M&G stated the offer is “way below” acceptable, not reflecting Segro’s long-term potential. Segro reported that Prologis has made “no improvement” to its latest proposal. Prologis must make a firm offer by Wednesday or withdraw.