May 16, 2022

May 11 (Reuters) – Duke Realty Corp (DRE.N) on Wednesday rejected a $23.7 billion all-stock deal from warehouse real estate company Prologis Inc (PLD.N), and said the offer was "insufficient".

"We believe the latest offer, virtually unchanged from its prior proposals, is insufficient in that regard," the company said in a statement.

Prologis on Tuesday had offered Duke $61.68 per share, an over 29% premium to the stock's closing price on Monday, as the company looked to benefit from booming demand for industrial space. read more

San Francisco-based Prologis, which leases logistics facilities to about 5,800 customers including Amazon.com Inc (AMZN.O), BMW AG (BMWG.DE) and FedEx Corp (FDX.N), said it had previously offered to buy Duke privately.

Storage space requirement, especially from e-commerce firms including Amazon, has seen a jump as the pandemic has prompted consumers to switch to online shopping.

Shares of Duke rose about 6% to $52.42 in early trade.

Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

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