12th Jul 2026 07:56
(Alliance News) - Segro PLC Chief Executive David Sleath has vowed to remain at the helm of the warehouse and data centre developer as he fights off a GBP12.6 billion hostile takeover approach from US rival ProLogis Inc, according to an interview with The Sunday Times.
Speaking to the newspaper, Sleath dismissed speculation that he could step down after 15 years in charge, saying: "I've got loads of energy. I'm really energised by what's in front of us. I'm not going any time yet."
ProLogis launched an all-share approach in late June, valuing Segro at around 925 pence a share, or GBP12.6 billion. Segro's board rejected the proposal as "opportunistic, one-sided and inadequate" and, last week, argued that the company was worth more than GBP13 per share.
Shares in Segro closed 0.8% lower at 861.40 pence in London on Friday. They are up 31% over the last 12 months.
Sleath told the newspaper the US property firm underestimated the value of Segro's long-established UK and European business, particularly its data centre operations and local development expertise.
"We've spent decades building the market positions, the local networks, the relationships that rely on trust… That's something that we think has a scarcity value," he said.
He also rejected suggestions that Segro needed ProLogis's larger balance sheet to fund future expansion.
"We've got a well tried and tested model of recycling capital," Sleath said. "We would fundamentally refute the suggestion that we can't deliver it."
The interview comes ahead of the July 22 deadline under UK takeover rules, after which ProLogis must either make a firm offer or walk away for at least six months.
According to The Sunday Times, ProLogis has reiterated its interest without increasing its offer, arguing there is "no evidence" to support Segro's claim that the company is worth more than 905p per share.
By Eva Castanedo, Alliance News senior economics reporter
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