Warehouse giant AMB Property Corp. (AMB) and Prologis (PLD) Thursday confirmed the two companies were discussing a "potential merger of equals".
In separate statements, the companies said the merger under discussion was an "all-stock at-market transaction based upon the unaffected trading prices of the two companies' stock prior to media reports of a possible merger".
"ProLogis and AMB have issued press releases in response to media reports and intend to make no further comment regarding their discussions or negotiations unless and until a definitive agreement is reached or discussions are terminated," the statements said.
Earlier Thursday, The Wall Street Journal reported AMB and Prologis, which have a combined market capitalization of $13.9 billion, were close to a deal to merge.
Citing people familiar with the matter, the newspaper reported the combined company would be based in San Francisco and would initially have two chief executives.
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