PLD Prologis

By Will Feuer

Prologis Inc. said it has made an offer to buy Duke Realty Corp. in an all-stock deal valuing Duke at $61.68, or about $23.71 billion.

Shareholders of Duke Realty, a real-estate investment trust that specializes in industrial properties, would receive 0.466 shares of Prologis stock for each share of Duke Realty they own.

Prologis said its offer is valued at $61.68 per Duke Realty share, based on Prologis's closing price on Monday, and represents a premium of 29%.

Prologis, a REIT that specializes in logistics and warehouse properties, said it sent a letter to Duke on Nov. 29 with a buyout offer. Since then, Prologis said Duke Realty did not substantively engage with the offer. Prologis said it upped its offer on May 3, but Duke Realty rejected the offer the same day.

"We are confident that the proposed combination will be a win-win for our respective shareholders," Prologis Co-Founder and Chief Executive Hamid Moghadam said.

Shares of Duke Realty jumped 20% in premarket trading, to $57.25 a share, following the disclosure of the offer. Prologis stock fell more than 1%, to $130.46 a share.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

May 10, 2022 09:05 ET (13:05 GMT)

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