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Logistics firm GLP receives proposals from bidders
July 2, 2017 / 11:51 PM / 5 months ago

Logistics firm GLP receives proposals from bidders

SINGAPORE, July 3 (Reuters) - Warehouse operator Global Logistic Properties said on Monday it had received “firm proposals” from shortlisted bidders. It provided no further details.

Sources familiar with the matter had said on Friday that the $10 billion race had narrowed to two suitors - a Chinese consortium backed by the company’s management and a rival group led by Warburg Pincus.

“The Special Committee is now conducting an in-depth and independent review of all terms of the proposals in consultation with the company’s external advisers,” GLP said in a statement.

“The company wishes to reiterate that there remains no certainty that any definitive transaction will materialise from, or that any offer will be made as a result of, any proposals received or the strategic review.”

An acquisition offers a chance for bidders to grab control of Asia’s biggest warehouse operator, which counts Amazon among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business.

Friday marked the deadline for parties to submit binding offers for GLP. Reuters was not able to confirm if more than two bids were submitted.

At current valuations, a successful transaction will rank as the largest Asian buyout by private equity groups. (Reporting by Clara Ferreira Marques; Editing by Stephen Coates)

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