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Vandana Singh

Prologis 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 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
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