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CORRECT: ProLogis Joins Battle To Acquire ProLogis European

("UPDATE: ProLogis Joins Battle To Acquire ProLogis European," at 1224 GMT, misspelled the name of the analyst's bank in the seventh and eighth paragraphs. The correct version follows:) By Michael Haddon Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- U.S. industrial real-estate giant ProLogis (PLD) said Thursday it plans to make an offer for ProLogis European Properties (PEPR.AE) that values the Euronext-listed warehouses developer at about EUR1.2 billion ($1.73 billion), trumping a rival group's bid. The Denver-based company said it will launch a takeover offer for ProLogis European worth EUR6.10 per share, after it raised its stake in the biggest owner of warehouses in Europe to about 38% by buying around 11 million ordinary shares from a major institutional investor. The offer represents a 22% premium over the closing share price April 12 when Australian property investor Goodman Group (GMG.AU) and Dutch pension-fund asset manager APG Algemene Pensioen Groep NV had a joint takeover bid for ProLogis European rejected. ProLogis Chief Executive Walter Rakowich told Dow Jones Newswires that its offer was "a compelling proposition" that would "provide liquidity to all shareholders that want it." ProLogis said its offer is at an attractive price and eliminates instability and uncertainty created by the rival group's indicative offer for its own stake, which previously stood at 33.1%. Goodman and APG were prepared to offer ProLogis EUR6 per share, which valued ProLogis European at about EUR1.1 billion. Rakowich added the company was making "a concrete offer with no material contingencies" and said its rival bidders had presented a non-definitive and highly conditional proposal. The bid from ProLogis was likely to be successful according to Martijn ter Laak, a real estate analyst at Rabobank. He said the offer created an exit opportunity for APG, which it probably would consider fair value, and means a counterbid in conjunction with Goodman was very unlikely. Goodman's status as a competitor in Europe also means it wouldn't make strategic sense for ProLogis to sell its management stake in ProLogis European, ter Laak said. Rabobank increased its ProLogis Europe price target to EUR6.10, the level of the new bid, and reiterated its hold rating. Investors and analysts have complained about a weak corporate-governance structure at ProLogis European that puts small shareholders at a significant disadvantage. Investors with less than a 20% holding have no powers to call general meetings or make proposals to the board. ProLogis can't be replaced as manager before 2016 and the company has reaffirmed that it plans to retain both its ownership in and management deal with ProLogis European. ProLogis European had a portfolio with a market value of EUR2.8 billion at the turn of the year. It consisted of 232 buildings across 11 countries, covered 4.9 million square meters, and had an occupancy level of 94.5%. At 1439 GMT, its shares traded up 8.4% at EUR6.23. The deal activity around the company comes as ProLogis and U.S. rival AMB Property Corp. enter the final stages of their effort to close a $14 billion merger that would form a global real-estate powerhouse with gross assets of $46 billion. -By Michael Haddon, Dow Jones Newswires; 4420-7842-9289; michael.haddon@dowjones.com

Stock News for Prologis (PLD)
DateTimeHeadline
07/22/201409:17:09Prologis Posts Higher Profit, Revenue
04/22/201409:01:11Prologis Profit Slides Sharply on Revenue Decline
01/30/201409:52:36Prologis Swings to Profit on Asset Dispositions
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
11/15/201308:53:17D. E. Shaw & Co. LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201308:53:17D. E. Shaw & Co. LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:12:57Fidelity Management & Research Co. 3Q 13F: Holdings As Of Sep...
11/15/201308:12:57Fidelity Management & Research Co. 3Q 13F: -2-
11/15/201307:04:38Bridgewater Associates LP 3Q 13F: Largest Sales
11/14/201307:19:20The Vanguard Group 3Q 13F: Holdings As Of Sep 30 -2-
11/14/201307:19:20The Vanguard Group 3Q 13F: Holdings As Of Sep 30
10/23/201309:22:41Prologis 3rd-Quarter Loss Narrows as Rental Revenue Growth Continues
07/24/201308:51:10Prologis's 2nd-Quarter Net Up 19% on Lower Integration Expenses
07/18/201309:22:43U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
06/04/201302:58:23Londonmetric Property Sells 11 Distribution Assets For GBP247.56...
05/23/201313:52:16Fed Comments Take the Wind Out of REITS
05/22/201321:40:37Blackstone, Prologis Acquire Industrial Portfolio

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