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Prologis Inc - Stock Quote PLD

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Morningstar's Prologis Inc Stock Analysis

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Prologis Turns Up Pressure on Duke Realty by Announcing an All-Stock Takeover Offer

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

No-moat Prologis announced that it has offered to acquire no-moat Duke Realty in a $23.7 billion all-stock transaction. Prologis is offering 0.466 shares of its common stock per share of Duke’s common stock, which values Duke Realty at $61.68 per share, a 29% premium compared with Duke’s closing price on May 9. However, Prologis also revealed in the press release that it has tried engaging with Duke’s management over the past five months, having offered an exchange ratio of 0.465 that represented a 20% premium over Duke’s closing price on Nov. 29, 2021. While we view the current offer to be a positive for Duke Realty shareholders given it is a 16% premium to our $53 fair value estimate, we don’t believe that the deal is likely to be accepted either by Duke’s management team or by Duke’s shareholders. Therefore, we do not plan to change either our $143 fair value estimate for Prologis or our $53 fair value estimate for Duke Realty.

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Prologis Inc's Company Profile

Business Description

Prologis was formed by the June 2011 merger of AMB Property and ProLogis Trust. The company develops, acquires, and operates over 900 million square feet of high-quality industrial and logistics facilities across the globe. The company is organized into four global divisions (Americas, Europe, Asia, and other Americas) and operates as a real estate investment trust.

Contact
Pier 1, Bay 1
San Francisco, CA, 94111
T +1 415 394-9000
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 2,053