The stock price of Global Logistics Properties (GLP), the Singapore-listed logistics investment manager, has jumped by more than 13 percent on the back of speculation it is a takeover target for an investor group led by the Chinese sovereign wealth fund China Investment Corporation.
The stock hit a high of $2.10 at 2:40pm UTC on Thursday, well up from Tuesday's close of $1.79. Shares of GLP were trading at $2:05 at press time.
The takeover rumor was first reported by Bloomberg on Wednesday. The report said China Investment Corporation (CIC) and two Chinese investment firms Hopu Investment Management and Hillhouse Capital Management have held talks about making a joint offer to acquire GLP, citing people with knowledge of the matter.
However, GLP released a statement denying it is in takeover talks with the consortium.
“The company wishes to advise that it is not in discussions with the above referenced investor group at this time. The company remains committed to enhancing shareholder value and continues to review and assess potential opportunities,” the firm said in a Singapore Exchange Securities filing.
“The company will make an appropriate announcement in the event of any material developments. The company is not aware of any information which might explain the unusual price movements in the shares of the company today, other than the abovementioned Bloomberg report.”
GLP is a leading global provider of modern logistics facilities. The firm’s $38 billion property portfolio encompasses over 560 million square feet of logistics facilities across China, Japan, Brazil and the US. GLP is a SGX-listed company with a market capitalization of around $6 billion.