After DCT Industrial (DCT) announced an agreement to be acquired by Prologis (PLD) in a stock-for-stock transaction valued at $8.4B, including debt, JMP Securities analyst Mitch Germain said he does not expect another bidder to emerge given the "full" pricing for the deal. He does, however, anticipate the potential for additional sector M&A activity, citing the pricing dynamic between public and private real estate, record levels of private equity dry powder on the sidelines and "readily available" debt financing. Germain has a Market Perform rating on DCT Industrial shares.