LONDON — FTSE 100 warehouse property developer Segro has rejected a £13.5 billion takeover proposal from U.S.-based logistics real estate company Prologis, setting the stage for one of the UK's biggest corporate takeover battles this year.

The latest offer valued Segro at a 34% premium to its share price before Prologis disclosed its interest. However, Segro's board unanimously concluded that the proposal significantly undervalued the company's long-term growth prospects and declined the bid.

Prologis has indicated it may now take its proposal directly to shareholders before the deadline set under UK takeover regulations. The company has also signalled it is considering a secondary listing on the London Stock Exchange as part of its long-term strategy.

The takeover battle has renewed attention on the growing number of overseas buyers targeting UK-listed companies, with analysts pointing to attractive valuations and strong long-term investment opportunities across Britain's commercial property sector.

Investors will now watch closely to see whether Prologis submits a formal offer or withdraws before the regulatory deadline, making the coming days critical for one of the UK's highest-profile corporate deals of 2026.