Jun 13, 2022
Prologis buying Duke Realty in $26 billion all-stock deal
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Real estate investment trust Prologis is buying Duke Realty in an all-stock deal valued at about $26 billion, including the assumption of debt.
Prologis Inc. said Monday that the transaction will give it logistics and industrial properties in key locations, including Southern California, New Jersey, South Florida, Chicago, Dallas and Atlanta.The company plans to hold approximately 94% of the Duke Realty Corp. assets and leave one unspecified market.
Duke Realty shareholders will receive 0.475 of a Prologis share for each Duke Realty share they own. The transaction comes about a month after San Francisco-based Prologis made an unsolicited bid for Duke Realty of Indianapolis worth 0.466 of a Prologis share following months of talks.
Both companies’ boards have approved the deal, which is expected to close in the fourth quarter. It still needs approval from both companies’ shareholders.
Shares of Prologis fell slightly before the market open, while Duke Realty’s stock rose 4.5%.
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Mike Clevinger reportedly agrees to a deal with the Chicago White Sox, filling a hole in the rotation
The Chicago White Sox may be turning to a familiar foe to fill an opening in their rotation, reportedly agreeing to a contract with free-agent starter Mike Clevinger.
The contract is for one guaranteed year at more than $8 million, MLB Network’s Jon Morosi reported. The agreement is pending a physical, according to The Athletic’s Ken Rosenthal, who first reported the deal.
Clevinger spent parts of five seasons in Cleveland before being traded to the San Diego Padres in 2020.
The right-hander went 7-7 with a 4.33 ERA in 23 appearances (22 starts) for the Padres in 2022 after missing all of 2021 recovering from Tommy John surgery.
Clevinger, who turns 32 on Dec. 21, has a 51-30 record with a 3.39 ERA and 694 strikeouts in 128 career outings (114 starts) with Cleveland (2016-20) and San Diego (2020, ‘22).
He went 13-8 with a 3.02 ERA while making a career-high 32 starts in 2018 and struck out a career-high 207 batters.
He matched the career high in wins the next season, going 13-4 with a 2.71 ERA in 21 starts.
He was dealt to the Padres in August 2020 and was diagnosed with a right posterior elbow impingement after his final regular-season start. He pitched a scoreless inning in a start against the Los Angeles Dodgers in the National League Division Series but exited after the first and underwent Tommy John surgery that November.
Clevinger struck out 91 in 114⅓ innings during his return in 2022.
He joins a rotation that includes Dylan Cease, Lance Lynn, Lucas Giolito and Michael Kopech. The Sox had an opening with Johnny Cueto becoming a free agent.
Clevinger is 5-2 with a 2.15 ERA in 11 career appearances (nine starts) against the Sox. He has a 3.13 ERA in four career starts at Guaranteed Rate Field.
He also has postseason experience, including pitching in relief during three games of the 2016 World Series against the Cubs.
He made two starts during the 2022 playoffs, one against the Dodgers in the NLDS and another against the Philadelphia Phillies in the NL Championship Series. He failed to record an out while allowing three runs against the Phillies. Overall, he has a 7.47 ERA in 10 postseason appearances (four starts).
Now he’ll look to help the Sox return to the playoffs after the team’s disappointing 2022.