San Francisco‑based logistics REIT Prologis unveiled a hostile all‑share proposal to acquire UK warehouse landlord Segro for £12.6 billion ($16.6 billion). The offer arrived after Segro’s board issued an “unequivocal” rejection on Tuesday, prompting Prologis to bypass management and address shareholders directly, targeting shareholders ahead of the annual general meeting.

Prologis, the world’s largest logistics landlord, has been expanding beyond North America, viewing Segro’s 30‑plus million square feet of UK distribution space as a gateway to a fragmented European market. Segro, listed in London, controls a portfolio valued at roughly £9 billion and has attracted interest from several investors, but its board argued the price undervalues assets.

By taking the offer to shareholders, Prologis hopes to force a vote that could pressure Segro’s directors into renegotiating terms. If approved, the combined entity would command over 70 million square feet of logistics capacity, sharpening pricing power amid European warehouse supply. Shareholder approval remains uncertain given the steep premium. The transaction will trigger antitrust reviews in UK and US, adding risk to the deal.