U.S. property group ProLogis (PLD.N) sparked hopes of a bidding war on Thursday for ProLogis European Properties (PEPR) (PEPR.AS), topping a $1.7 billion 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 increased its stake to about 38 percent from 33.1 percent previously. Dutch pension group APG, which has been in disagreement with PEPR's management for more than two years over PEPR's strategy and corporate governance structure, hoped to end the quarrel by its joint offer with Goodman, APG and Goodman said on Tuesday. PEPR ordinary shares hit a 30-month high and closed up 8 percent at 6.21 euros, above the highest offer and sparking speculation of a higher bid.
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