ProLogis European Accepts Offer It Considers Too Low

Date : 05/11/2011 @ 12:17PM
Source : Dow Jones News
Stock : Prologis, Inc. (PLD)
Quote : 64.46  0.02 (0.03%) @ 12:05AM

ProLogis European Accepts Offer It Considers Too Low

Prologis Euro Prop (EU:PEPR)
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ProLogis European Properties (PEPR.AE) Wednesday said it would accept a takeover bid from U.S. industrial real-estate giant ProLogis (PLD) that values it at just under EUR1.22 billion due to worries about the liquidity of its share, even though it considers the bid too low.

Prologis, a Denver-based company, said Friday it had increased its takeover offer for the biggest owner of warehouses in Europe to EUR6.20 per share from a EUR6.10 per share.

PEPR in a statement said that it believed the offer undervalued the company, but given that ProLogis owned nearly 60% of its shares, leaving little free float, it said it felt compelled to accept.

ProLogis had increased its stake in the company to about 60% from around 39% after Dutch pension-fund asset manager APG Algemene Pensioen Groep NV and an affiliate of the Government of Singapore Investment Corp. agreed to sell their shares.

-By Anna Marij van der Meulen; Dow Jones Newswires; +31 20 5715 216; annamarij.vandermeulen@dowjones.com

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