Duke shares, which climbed as high as 26% in premarket trading Tuesday morning, was up 12% at 9:42 a.m. in New York. Prologis stock was little changed.
Prologis Inc, the giant warehouse owner, unveiled a roughly US$24 billion all-stock offer to acquire Duke Realty Corp., taking its bid public after months of private pushback from the Indianapolis-based real estate investment trust.
The proposal values Duke at US$61.68 a share, a 29% premium to its closing price on May 9, according to a letter from Prologis Chief Executive Officer Hamid Moghadam to Duke made public on Tuesday. Duke investors would own 19% of the combined company.
