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

By Yawen Chen

LONDON, June 24 (Reuters Breakingviews) - Prologis’ £13 bln offer for London-listed Segro matches the landlord's last reported book value, unlike some deals. Yet it pays little for the business’s rarity, likely growth from logistics hubs and data centres, or cost savings. The $135 bln US group will need to dig deeper.

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CONTEXT NEWS

Prologis said on June 26 warehouse landlord Segro rejected its £12.6 billion ($16.62 billion) all-share takeover proposal and urged shareholders to press the British firm's board to engage with the U.S. logistics firm.

Prologis argued the FTSE 100 firm has traded at a persistent discount to its net asset value and faces structural constraints including balance sheet limitations that prevent it from unlocking value in its development and AI data centre pipeline.

Under the terms of the proposed combination, Segro shareholders would have received 0.084 new Prologis shares for each share they held, implying a value of 925 pence apiece — a 24.7% premium to Segro's closing price on June 23.

The company has until July 22 to unveil a firm offer for Segro or walk away, under British takeover rules.

Segro’s stock rose 15% to 856 pence as of 0840 GMT on June 24.