Duke Realty Calls Latest Buyout Offer From Prologis Insufficient
May 11 2022 - 10:08AM
Dow Jones News
By Chris Wack
Duke Realty Corp. said Wednesday it believes the buyout offer
made by Prologis Inc. on Tuesday is insufficient.
"We believe the latest offer, virtually unchanged from its prior
proposals, is insufficient in that regard," Duke Realty said,
adding it will have no further comment on the proposal at this
time.
Prologis Inc. said Tuesday it made an offer to buy Duke Realty
in an all-stock deal that values Duke at $61.68 a share, or about
$23.71 billion.
Under the terms of Prologis' proposal, Duke Realty shareholders
would receive 0.466 shares of Prologis common stock for each share
of Duke Realty common stock they own.
Duke Realty has for months been denying Prologis, which said it
first made an offer to Duke in a letter sent on Nov. 29. Since
then, Prologis said Duke Realty didn't substantively engage with
the offer. Prologis said it raised its offer on May 3, but Duke
Realty rejected the offer the same day.
Duke Realty shares were up 6% to $52.76 in early Wednesday
trade.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 11, 2022 09:53 ET (13:53 GMT)
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