Some 24 hours after Prologis made public its latest offer to acquire Duke Realty, the company rejected the nearly $24 billion all-stock bid.
"As we have repeatedly made clear to Prologis during our discussions over the past several months, consistent with its fiduciary duties, our Board of Directors has carefully evaluated proposals from Prologis and we remain open to exploring all paths to maximize shareholder value, and we believe the latest offer, virtually unchanged from its prior proposals, is insufficient in that regard," it said in a statement.
Prologis had proposed a deal in which Duke Realty stockholders would receive 0.466 shares of Prologis common stock for each share of Duke Realty common stock they own. The proposal is valued at $61.68 per Duke Realty share, based on Prologis' closing price on May 9, 2022, and represents a premium of 29% to Duke Realty's closing price on the same date, according to Prologis.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
