Ming Mei, chief executive of Global Logistics Properties (GLP), the Singapore-listed logistics investment manager, has teamed up with Beijing-based private equity firm Hopu Investment Management and Hillhouse Capital Management to bid for the $9 billion firm, according to a Bloomberg report.
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.
In a stock exchange note GLP confirmed is has received multiple bids and that Mei has an interest in one of the parties which has submitted a non-binding proposal to the company. As such he has 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, has also recused himself from the process.
A special committee, consisting of four independent directors and chaired by Dr Seek Ngee Huat, chairman of the GLP board, will be evaluating the bids alongside JPMorgan and its legal adviser, Allen & Gledhill.
GLP also emphasised that no definitive transaction has been entered into and there is no assurance that any transaction will materialize from the proposals.
In a separate announcement GLP reported solid operational performance and continued fund management growth for the three months ended 31 December 2016.
GLP’s fund management was a highlight and the fee-generating capital base generated $45 million of fund management fees in Q3, up 20 percent year-on-year.
GLP’s $38 billion AUM platform comprises 17 private capital partners. Of this $26 billion of AUM is invested and fee-generating and a further $12 billion is uncalled capital.