Duke Realty Accepts New Prologis Buyout Offer in $26 Billion Deal
13 Junio 2022 - 8:04AM
Noticias Dow Jones
By Chris Wack
Prologis Inc. is buying Duke Realty Corp. in a deal with $26
billion, including the assumption of debt, the companies said
Monday.
The respective boards of directors for Prologis and Duke Realty
have unanimously approved the transaction.
Under the terms of the agreement, Duke Realty shareholders would
receive 0.475 times a Prologis share for each Duke Realty share
they own, an improvement from Prologis' previous exchange offer of
0.466 times.
In May, Duke Realty rejected a nearly $24 billion buyout offer
from Prologis, calling the unsolicited offer insufficient. Prologis
had offered to buy Duke Realty for $61.68 a share.
Under the current deal, Prologis is gaining high-quality
properties for its portfolio in key geographies, including southern
California, New Jersey, South Florida, Chicago, Dallas and
Atlanta.
Prologis plans to hold 94% of the Duke Realty assets and exit
one market.
Prologis said the transaction is anticipated to have immediate
accretion of $310 million to 370 million from corporate general and
administrative cost savings and operating leverage as well as
mark-to-market adjustments on leases and debt. In the first year,
the transaction is expected to increase annual core funds from
operations by 20 cents to 25 cents.
The transaction is currently expected to close in the fourth
quarter of 2022.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 13, 2022 08:49 ET (12:49 GMT)
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