Salem Radio Network News Sunday, May 29, 2022

Business

Prologis offers to buy Duke Realty in $23.7 billion deal

(Reuters) -Prologis Inc, a warehouse real estate company, said on Tuesday it had offered to buy Duke Realty Corp in an all-stock deal valuing its smaller peer at $23.7 billion.

Prologis said it was reiterating its offer after Duke rejected a proposal, made in private, earlier this month.

The company’s offer values Duke, an owner and operator of industrial real estate, at $61.68 per share – an over 29% premium on its stock’s closing price on Monday.

Duke did not immediately respond to Reuters request for comment.

Its shares jumped 22% in premarket trading.

(Reporting by Uday Sampath in Bengaluru; Editing by Rashmi Aich)

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