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ProLogis European Accepts Offer It Considers Too Low

By Anna Marij van der Meulen Of DOW JONES NEWSWIRES AMSTERDAM -(Dow Jones)- ProLogis European Properties (PEPR.AE) Wednesday said it would accept a takeover bid from U.S. industrial real-estate giant ProLogis (PLD) that values it at just under EUR1.22 billion due to worries about the liquidity of its share, even though it considers the bid too low. Prologis, a Denver-based company, said Friday it had increased its takeover offer for the biggest owner of warehouses in Europe to EUR6.20 per share from a EUR6.10 per share. PEPR in a statement said that it believed the offer undervalued the company, but given that ProLogis owned nearly 60% of its shares, leaving little free float, it said it felt compelled to accept. ProLogis had increased its stake in the company to about 60% from around 39% after Dutch pension-fund asset manager APG Algemene Pensioen Groep NV and an affiliate of the Government of Singapore Investment Corp. agreed to sell their shares. -By Anna Marij van der Meulen; Dow Jones Newswires; +31 20 5715 216;

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