ProLogis And AMB Property Discuss Merger (PLD, AMB)

Shares of ProLogis

are currently up 6.1% at $15.60 per share during Thursday afternoon trading. The company announced on Wednesday after the market closed that it is in talks with AMB Property Corporation

about a possible merger of equals. Today's trading range for shares of ProLogis has been between $15.44 and a 52-week high of $16.52 per share. The consensus price target of analysts covering the company's stock is $14.06 per share. Volume of 19.6 million shares is already more than double the daily average volume of 9.4 million shares. ProLogis (

) is the leading global provider of distribution facilities, with more than 435 million square feet of industrial space owned and managed (40 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Read more