A hedge fund with a 4.3 percent stake in ProLogis' (PLD.N) publicly traded European fund said the offered for ProLogis European Properties FCP (PEPR) (PEPR.AS) is unfairly low. In a letter to Walter Rakovich, the chief executive of warehouse and distribution center owner ProLogis, Fir Tree Partners argued on Wednesday that ProLogis' offer of 6.10 euro per share falls short of ProLogis' own estimate of the value of PEPRs properties of 6.32 euros per share. Denver-based ProLogis raised its stake in PEPR to 38 percent from 33 percent and has initiated a tender offer for the shares it did not own. ProLogis was prompted to act after Dutch pension manager Algemene Pension Groep NV and Australian warehouse and distribution center owner Goodman Group (GMG.AX) offered 6 euros per share. ProLogis's tender offer expires May 6.
ProLogis is a global provider of industrial distribution facilities. Shares of PLD fell by 0.61% or $-0.1/share to $16.33. In the past year, the shares have traded as low as $9.15 and as high as $16.52. On average, 6738420 shares of PLD exchange hands on a given day and today's volume is recorded at 3294700.
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