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Warehouse Owner Prologis Offers to Buy Duke Realty for $24 Billion

  • Prologis had privately talked to Duke executives for months
  • Offer represents 29% premium to Duke’s closing price Monday
Updated on

Prologis Inc., the giant global warehouse owner, unveiled a roughly $24 billion all-stock offer to acquire Duke Realty Corp., taking its bid public after months of private pushback from the Indianapolis-based real estate investment trust. 

The proposal values Duke at $61.68 a share, a 29% premium to its closing price on May 9, according to a letter from Prologis Chief Executive Officer Hamid Moghadam to Duke made public on Tuesday. Duke investors would own 19% of the combined company.