Segro's bid to takeover Tritax EuroBox collapses after Brookfield agrees deal

The all-share deal would have valued each Tritax share at 68.4p and including debt, the offer values Tritax at around £1.1bn

Segro's planned acquisition of warehouse operator Tritax EuroBox has fallen through, following a higher bid from Canadian asset manager Brookfield.

Despite Brookfield's last week announcement that it will sell approximately 470 million euro (£392.5m) worth of former Tritax property assets to Segro, the company confirmed on Monday that its all-share takeover deal for Tritax, agreed upon in early September, "has lapsed".

The FTSE 100-listed Segro, known for its focus on logistics warehouses, had initially agreed to buy Tritax for about £552m, with the all-share transaction valuing each Tritax share at 68.4p and the total offer, including debt, valuing Tritax at roughly £1.1bn.

This development came after Brookfield revealed in June its preliminary consideration of a cash offer for Tritax and subsequently returned last month with an improved bid, proposing a $1.44bn (£1.14bn) total deal to acquire Tritax.

Some analysts had predicted this could lead to a bidding war, but Brookfield's recent move to offload a significant portion of Tritax EuroBox’s portfolio to Segro suggests that Segro may have stepped back from its attempt to take over the entire firm.