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Print FormatPrologis Proposes Almost $24B Acquisition Deal For Duke Realty
- Prologis Inc NYSE:PLD proposed to acquire Duke Realty Corporation NYSE:DRE in an all-stock transaction valued at
$61.68 per Duke Realty share. - Under the terms of the proposal, each Duke Realty share would receive 0.466 shares of Prologis common stock, equivalent to a deal value of
$23.7 billion . - Prologis' proposal represents a premium of 29% to Duke Realty's closing price on
May 9 . - Prologis made its unsolicited all-stock offer of
$23.7 billion for Duke after more than five months of trying to convince Duke Realty to engage in private negotiations. - Prologis has expanded its industrial footprint through acquisitions. The company acquired Liberty Property Trust in a
$13 billion deal in 2020 and DCT Industrial Trust Inc in an$8.5 billion in 2018. - In the letter, Prologis highlighted strategic & complimentary combination, enhanced external growth, accretion to core FFO, and significant synergies as benefits.
- Prologis controls a 1 billion square foot global network of warehouses and distribution centers, including facilities used by retail and logistics companies such as Amazon.com Inc NASDAQ: AMZN, Home Depot Inc NYSE: HD, and FedEx Corporation NYSE: FDX, writes Wall Street Journal.
- Price Action: PLD shares closed 1.58% lower at
$123.50 during after-hours trading on Tuesday. - Photo via
Wikimedia Commons
