The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Yawen Chen

LONDON, July 22 (Reuters Breakingviews) - The $140 bln landlord made a best and final $19 bln offer for Segro, which has argued that its pipeline warrants more. Yet Prologis has exceeded what a disciplined buyer can justify, while topping book value and most analysts' target prices. It's time for the UK group to accept.

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CONTEXT NEWS

U.S. warehousing giant Prologis on July 22 made what it called its best and final proposal to buy British rival Segro for about £14 billion ($18.7 billion).

The proposal comprises 0.0920 Prologis shares in exchange for each Segro share, but also includes a partial cash alternative of up to £3.5 billion.

The implied value, using Prologis' July 21 closing share price and July 22 exchange rates, is about £10.32 per share.

Shares in Segro were trading at £8.95 as of 1540 GMT on July 22. That was roughly 12% below the latest value of Prologis, after accounting for a 1.6% fall in the U.S. group's share price after the announcement.

($1 = 0.7483 pounds)