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Fir Tree Partners, a New York-based investment firm that owns 4.3 percent of ProLogis European Properties, said it opposes a $1.78 billion tender offer by its largest shareholder.
The bid by Denver-based ProLogis “significantly” undervalues ProLogis European, Fir Tree said Wednesday in a letter to ProLogis, which owns about 38 percent of the Luxembourg-based closed-end real-estate fund.
