Prologis Inc.
PLD -4.62%
mentioned it has made a suggestion to purchase
Duke Realty Corp.
DRE 9.14%
in an all-stock deal valuing Duke at $61.68 a share, or about $23.71 billion.
Shareholders of Duke Realty, a real-estate funding belief that makes a speciality of industrial properties, would obtain 0.466 shares of Prologis inventory for every share of Duke Realty they personal.
Prologis mentioned its provide is valued at $61.68 per Duke Realty share, based mostly on Prologis’s closing worth on Monday, and represents a premium of 29%.
Prologis, a REIT that makes a speciality of logistics and warehouse properties, mentioned it despatched a letter to Duke on Nov. 29 with a buyout provide. Since then, Prologis mentioned Duke Realty didn’t substantively interact with the provide. Prologis mentioned it upped its provide on May 3, however Duke Realty rejected the provide the identical day.
“We are confident that the proposed combination will be a win-win for our respective shareholders,” Prologis co-founder and Chief Executive
Hamid Moghadam
mentioned.
Shares of Duke Realty jumped 20% in premarket buying and selling, to $57.25 a share, following the disclosure of the provide. Prologis inventory fell greater than 1%, to $130.46 a share.
Write to Will Feuer at [email protected]
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