Business
ProLogis, AMB in talks on combining
Posted: Jan 27, 2011 5:43 AM by Bea Karnes
Updated: Jan 27, 2011 6:14 AM
SAN FRANCISCO (AP)-Industrial real estate investment trust ProLogis says it is in talks with rival AMB Property Corp. about combining the two companies.
Denver-based ProLogis, which owns warehouses and other industrial properties, says the deal would be an all-stock transaction. It says there is no guarantee the deal will get done. San Francisco-based AMB issued a similar statement.
The companies say the value of the deal will be based on their share prices prior to media reports of the talks.
On Wednesday, The Wall Street Journal reported that the two companies were close to a deal. AMB's shares jumped nearly 10 percent in extended trading. ProLogis was up more than 8 percent.
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