Segro board U-turns on £14bn takeover bid by US rival Prologis

UK warehouse landlord says board unanimous in recommendation to accept best and final offer'

The board of the UK warehouse landlord Segro has U-turned and said it would be willing to accept a 14bn takeover by Segro's bigger US rival, Prologis, in a deal that would be one of the largest foreign takeovers of a UK-listed company.

In the latest blow to the troubled London stock market, Segro said in a statement that its board had unanimously concluded" it would recommend its shareholders accept what Prologis called its best and final offer", made just hours before a deadline.