GMG Goodman Group

Hedge fund Fir Tree Partners has asked ProLogis European Properties (PEPR.AE) to negotiate directly with U.S. industrial real-estate giant ProLogis (PLD) on its takeover offer for the Euronext-listed warehouses developer, or request that regulatory authorities review the fairness of the tender price.

The New York-based investment fund, which holds around 4.3% of PEPR's ordinary units, said since the tender offer was launched April 22 it hasn't seen any evidence that the board is taking active steps to secure the best possible price for unitholders.

ProLogis' offer for PEPR, which is worth EUR6.10 per unit and values the company at EUR1.2 billion ($1.73 billion), was seen as an attempt to fend off the rival consortium of Australian property investor Goodman Group (GMG.AU) and Dutch pension-fund asset manager APG Algemene Pensioen Groep NV.

PEPR, the biggest owner of warehouses in Europe, earlier this week rejected the offer as inadequate but ProLogis reaffirmed that it plans to retain both its ownership in and management deal with the company.

ProLogis said Friday so far it had only received for tender, or purchased in the open market, 8,818 ordinary units. That would bring its stake to 39% and is unchanged since April 28.

Fir Tree said PEPR should negotiate with ProLogis on the offer to secure a price that is in the best interests of its unitholders or refer the matter to Luxembourg's financial watchdog, the Commission de Surveillance du Secteur Financier.

The hedge fund said it also wants PEPR to "use all of its powers" to ensure the offer period is extended past its May 11 deadline, citing concerns on the amount of time given to evaluate the offer.

-By Michael Haddon, Dow Jones Newswires; 4420-7842-9289; michael.haddon@dowjones.com

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