© Reuters. FILE PHOTO: A general view of the main entrance of Prologis logistics complex which Amazon.com Inc is planning to rent in Cajamar, Brazil February 2, 2018. Picture taken February 2, 2018. REUTERS/Gabriela Mello
(Reuters) -Prologis Inc, a warehouse real estate company, said on Tuesday it had offered to buy Duke Realty (NYSE:) Corp in an all-stock deal valuing its smaller peer at $23.7 billion.
Prologis (NYSE:) said it was reiterating its offer after Duke rejected a proposal, made in private, earlier this month.
The company’s offer values Duke, an owner and operator of industrial real estate, at $61.68 per share – an over 29% premium on its stock’s closing price on Monday.
Duke did not immediately respond to Reuters request for comment.
Its shares jumped 22% in premarket trading.