Duke Realty on Wednesday rejected the nearly $24 billion buyout offer from the warehousing giant Prologis calling the unsolicited offer insufficient.
“We believe the latest offer, virtually unchanged from its prior proposals, is insufficient in that regard,” Duke Realty said in a statement, adding it will have no further comment on the proposal at this time.
Related: Prologis To Buy Duke Realty For $24B
Prologis on Tuesday made its all-stock offer for Duke Realty public following more than five months of private overtures. The deal would have added to Prologis’s vast footprint of warehouses and distribution centers that help facilitate e-commerce orders.
Prologis controls more than 1 billion square feet of industrial real estate that is used by companies such as Amazon Home Depot and FedEx to store merchandise and fulfill online orders.
The offer for Duke Realty, which owns about 160 million square feet of industrial real estate in 19 major U.S. logistics markets, was seen as a vote of confidence in the e-commerce sector at a time when some investors are getting nervous about its growth.
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