By Singapore Newsroom
SINGAPORE (Jul 03) -- Singapore-listed warehouse operator Global Logistic Properties has received firm proposals from shortlisted bidders, it said Monday in an exchange filing.
GLP has been valued at about $10 billion and is Asia's biggest warehouse operator. GLP owns and operates a $41 billion portfolio of industrial assets in China, Japan, Brazil and the U.S. It gets two-thirds of its revenue from China.
The proposals are nonbinding and subject to regulatory approvals, GLP said Monday without elaborating on the details of the bids.
The proposals don't constitute an intention on the part of any shortlisted bidder to make a takeover offer, GLP said.
The company has conducted an independent review of the proposals. "There remains no certainty that any definitive transaction will materialize from, or that any offer will be made as a result of, any proposals received...and there also remains no certainty as to the terms of a transaction (if any)."
It was reported in June several rumored bidders for GLP's business were dropping out because of concerns over a possible insider bid between the company and a China consortium backed by GLP chief executive Ming Mei.
GLC recently conducted a strategic review overseen by a special committee formed by four independent directors of the company. The committee includes neither Mei nor GLP director Fang Fenglei - one of China's best-known dealmakers and the founder of Hopu Investment Management, which is leading the China consortium.
News reports in late June said private-equity players including U.S.-based Blackstone, KKR and TPG as well as Asia investment firm RRJ Capital had decided not to make an offer for the company ahead of a Jun. 30 deadline. The report said those companies considered any offer for GLP "pointless" because of the ties between the GLP's Mei and Hopu Investment Management.
Hopu already owns 30.2% of GLP's China holding company - which suggests non-China players would find it difficult to control GLP's China business even if they bought the company.
Singapore sovereign wealth fund GIC is GLP's largest shareholder with a 37% stake and requested the strategic review.
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