Prologis Proposes Almost $24B Acquisition Deal For Duke Realty

  • Prologis Inc PLD proposed to acquire Duke Realty Corporation 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 AMZNHome Depot Inc HD, and FedEx Corporation FDXwrites Wall Street Journal.
  • Price Action: PLD shares closed 1.58% lower at $123.50 during after-hours trading on Tuesday.
  • Photo via Wikimedia Commons
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