U.S. property group ProLogis (PLD.N) kicked off a bidding war on Thursday for the shares it does not already own in ProLogis European Properties (PEPR) (PEPR.AS), topping a bid from APG and Australian property manager Goodman (GMG.AX). ProLogis, which manages the industrial and logistic property of PEPR, said in a statement it offered 6.10 euros per ordinary PEPR share and had recently increased its stake to about 38 percent from 33.1 percent. "APG has said 6 euros per share is compelling value, that is what we are willing to pay. We are happy to buy some or all of the shares, it depends on how many people want to tender," Prologis Chief Executive Walter Rakowich told Reuters. The offer is valued at 1.16 billion euros, based on 190.5 million ordinary PEPR shares outstanding, according to data on PEPR's website. PEPR also has 10.3 million convertible preferred units (PEPR_p.AS) outstanding, the website says.
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