The special committee of Global Logistics Properties (GLP), the Singapore-listed logistics investment manager, has created a shortlist of potential suitors after receiving several takeover offers, according to a filing with the Singapore Stock Exchange.
A special committee, consisting of four independent directors and chaired by Dr Seek Ngee Huat, chairman of the GLP board, has evaluated the bids alongside JPMorgan and its legal adviser, Allen & Gledhill and has invited these bidders to conduct due diligence on the GLP.
A GLP spokesperson declined to comment on the shortlist of bidders.
In early December GLP hired JPMorgan to undertake an independent 'strategic review following a request received from its largest shareholder, the Singaporean sovereign wealth fund GIC Private, after GLP’s stock price rocketed on the back of speculation it is a takeover target following an article published first by Bloomberg.
Ming Mei, chief executive of GLP, reportedly teamed up with Beijing-based private equity firm Hopu Investment Management and Hillhouse Capital Management to bid for the $9 billion firm.
In a stock exchange note GLP earlier this month GLP confirmed it received multiple bids and that Mei had an interest in one of the parties which submitted a non-binding proposal to the company. As such he recused himself from all board discussions and decisions relating to the strategic review. Fang Fenglei, co-founder of Hopu and a non-executive and non-Independent director of GLP, also recused himself from the process.
Blackstone and Warburg Pincus were also said to have launched bids for the Singapore-listed logistics developer and landlord.
Sources close to the matter confirmed to PERE back in January that Warburg has been speaking with banks and potential bidding partners about forming a consortium to bid for GLP. A Bloomberg report at the time added that Blackstone was also considering an offer.
GLP did emphasize in its stock exchange filing that all the terms of the proposals received, including price, are non-binding and that there is no certainty that any definitive transaction will materialize.
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