APG, Goodman: Bid For ProLogis European Properties Rejected

APG Algemene Pensioen Groep N.V. and Australia's Goodman Group (GMG.AU) Tuesday said that their joint takeover bid for ProLogis European Properties (PEPR.AE), the Euronext-listed warehouses developer, has been rejected.

APG and Goodman said that they had prepared a non-binding indicative offer of EUR6 per unit to acquire the company, which represents a premium of 20% over the April 11 closing unit price. The transaction would be worth around EUR1.2 billion.

APG and Goodman are part of a wider consortium of investors.

The Dutch pension fund and Australian property company said that they have attempted to discuss their proposal further with ProLogis with a view to carrying out due diligence but that ProLogis have so far rejected the proposal. APG and Goodman remain wiling to enter discussions, they said.

"APG and Goodman believe that, if ProLogis were to reconsider its rejection of the Indicative Proposal, a fully documented proposal could be ready within six to eight weeks, with the full cooperation of ProLogis, ProLogis Management Sarl and the independent directors of the Board of PEPR," they said in a statement.

ProLogis couldn't immediately be reached for comment.

Shares in PREP closed at EUR5 in Amsterdam on Tuesday.

-By Marietta Cauchi, Dow Jones Newswires; [phone]; [e-mail]