Duke Realty Corp. has rejected a nearly $24 billion acquisition offer from Prologis.
Under the terms of Prologis’ May 10, 2022 proposal, Duke Realty shareholders would receive 0.466 shares of Prologis common stock for each share of Duke Realty common stock they own.
According to the company, the latest offer is insufficient.
“As we have repeatedly made clear to Prologis during our discussions over the past several months, consistent with its fiduciary duties, our Board of Directors has carefully evaluated proposals from Prologis and we remain open to exploring all paths to maximize shareholder value, and we believe the latest offer, virtually unchanged from its prior proposals, is insufficient in that regard,” the company said in a press release.
“We have delivered superior returns for our shareholders based on our best-in-class industrial warehouse portfolio, world-class organization and the execution of our growth-oriented strategic plan. Our business is robust, and we have significant momentum, as evidenced by the record levels of in-service and stabilized occupancy and considerable leasing success of our development pipeline. We will continue to drive sustainable value creation and are confident in our ability to generate consistent double-digit growth in FFO, AFFO and dividends for our shareholders for years to come.”