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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