Segro PLC on Monday confirmed its takeover offer for Tritax EuroBox PLC has lapsed.
Segro is an industrial property investor. Its all-share offer for Tritax EuroBox, a London-based investor in logistics properties in Europe, was trumped by a superior cash offer from Brookfield Asset Management Ltd.
FTSE 100-listed Segro initially agreed to takeover terms with FTSE 250-listed Tritax EuroBox in September for £552 million, valuing the business at around £1.10 billion when including net debt.
This deal was an all-share deal and valued each Tritax EuroBox share at 68.4 pence.
However, in October, Tritax EuroBox accepted a £1.10 billion all-cash offer from Toronto-based Brookfield, which will pay 69.0p for each Tritax EuroBox share.
Tritax EuroBox shares were marginally lower on Monday morning in London at 68.59p.
The acquisition is expected to complete by year-end.
Last week Segro said it agreed to buy six assets of Tritax EuroBox from Brookfield for €470 million, with Segro noting that its offer for the who company will soon lapse, ceasing the competitive situation between Segro and Brookfield.
Segro shares were down 0.2% at 762.20p on Monday morning in London.
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