July 13, 2017 / 2:26 AM / 5 months ago

Bid target Global Logistic Properties halts trading ahead of announcement

SINGAPORE (Reuters) - Global Logistic Properties Ltd, subject of a bid battle between a Chinese consortium and a group led by Warburg Pincus, asked for its shares to be halted for trading pending the release of an announcement.

The S$12.6 billion ($9.2 billion)-valued warehouse operator, which has clients including Amazon.com Inc and JD.com Inc, said this month it had received “firm proposals” from shortlisted bidders, days after sources told Reuters that suitors had narrowed to a management-backed group and another headed by Warburg Pincus.

At the current valuation, a transaction would rank as Asia’s largest buyout by private equity groups.

Reporting by Anshuman Daga; Editing by Stephen Coates

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