Prologis slips after launching about $2 bln stock offering for Segro acquisition
BUZZ-Prologis slips after launching about $2 bln stock offering for Segro acquisition ** Shares of logistics REIT Prologis PLD.N down 2.8% premarket at $140.06 as it looks to raise equity for acquisitions
** PLD kicks off 15,000,000 share offering, which equates to roughly $2.1 bln at current levels
** JP Morgan and BofA joint bookrunners
** Co intends to use net offering proceeds for general purposes, including to fund potential acquisitions such as Segro plc
** It adds there's no assurance it will complete the Segro combination on the proposed terms or anticipated timeline, or at all
** British warehouse landlord Segro SGRO.L on Tues accepted a $19 bln takeover offer by PLD after investor pressure
** San Francisco, California-based PLD has ~933.1 mln shares outstanding for nearly $135 bln market cap
** PLD shares up 13% YTD through Mon close
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))