This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ProLogis, AMB Properties in Merger Talks

DENVER ( TheStreet) -- ProLogis (PLD - Get Report) shares surged 8% amid tremendously heavy volume Thursday after the real estate investment trust confirmed it's in merger talks with AMB Properties (AMB).

ProLogis, a REIT that owns, operates and develops mainly industrial properties in North America, Europe and Asia, said it and AMB, a San Francisco-based industrial REIT, are conducting ongoing discussions about a potential combination of the two companies. AMB confirmed the talks in a separate press release.



The merger would likely be structured as "an all-stock, at-market transaction, based upon the unaffected trading prices of the two companies' stock prior to media reports of a possible merger," ProLogis said in its statement.

ProLogis said the talks may not necessarily result in a definitive agreement, and would not commit to a timeframe in which such an agreement would take place.

"ProLogis and AMB have issued press releases in response to media reports and intend to make no further comment regarding their discussions or negotiations unless and until a definitive agreement is reached or discussions are terminated," said both companies in their respective statements.

ProLogis shares closed 8% higher at $15.87. Nearly 33 million shares changed hands, more than six times the issue's trailing three-month daily average volume of 5.7 million.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
DCT $33.13 0.00%
DLR $65.31 0.00%
PLD $42.88 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs