The boss of Segro came out fighting yesterday as American predators stepped up efforts to take control of the warehouse and data centres group.

Andy Harrison, chairman of the British company, branded the £12.6billion bid from Prologis ‘inadequate’ and ‘opportunistic’ and accused its US rival of trying to buy it ‘on the cheap’.

And City analysts suggested the Americans would have to raise their bid by around £5billion to more than £17.5billion to buy the FTSE 100 business.

Prologis – the world’s largest logistics real estate investment trust (REIT) – yesterday published a presentation for investors setting out what it described as ‘the strategic and financial rationale’ for a deal.

The San Francisco-based firm said its 925p-a-share bid offered ‘compelling value’ to Segro shareholders and added that its financial firepower would ‘unlock’ a development boom. 

Segro, which is the UK’s largest REIT, reacted furiously, and insisted funding was not a constraint to developing new warehouses and data centres.

The company plans to outline its case to shareholders next week.

Segro won support from City analysts yesterday, with Panmure Liberum setting a target price of 1300p, which would value Segro at over £17.5billion.

In a research note titled ‘Don’t let them steal our crown jewels’, Peel Hunt analysts Matthew Saperia and James Carswell said: ‘Any offer for the UK’s largest REIT should adequately reflect the inherent value of the portfolio and its future growth prospects. The possible offer from Prologis, in our view, falls well short.’

Segro is just the latest FTSE 100 company to be targeted by foreign suitors this year, following moves by City institution Schroders, Lloyd’s of London insurer Beazley and laboratory testing group Intertek to back takeover bids.

Another London-listed blue chip, energy group DCC, has said it is ‘minded’ to accept a £5.7billion bid from private equity giant KKR amid warnings Britain has become a ‘hunting ground’ for overseas buyers.

Segro would be the fifth FTSE 100 firm to fall into foreign hands this year.

Harrison said: ‘Prologis is trying to acquire Segro on the cheap when our share price has been dislocated by the Middle East conflict and at a price that reflects none of the quality, scarcity and growth embedded in the business.’