U.S. and China Warehousing Giant GLP Moves Closer to Buyout
February 27 2017 - 5:17AM
Dow Jones News
By P.R. Venkat in Singapore and Kane Wu in Hong Kong
Global Logistic Properties Ltd. (MC0.SG), a key backbone of the
logistics industry in the U.S. and China, said Monday it has
shortlisted bidders for a potential buyout of the $9.5 billion
warehousing company.
GLP, which has drawn interest from bidders including
private-equity firm Blackstone Group LP (BX) and a management-led
consortium, will open its books to the shortlisted bidders. GLP
didn't name which bidders were on the shortlist.
In big buyout deals, companies typically narrow the number of
potential buyers to a handful after receiving initial bids, giving
those who make the short list access to detailed information about
the company's operations.
In a statement to Singapore's stock exchange, GLP said the
committee evaluating options is in discussions with several parties
that will be allowed to conduct due diligence.
Singapore sovereign-wealth fund, GIC Pte. Ltd., GLP's largest
shareholder with a 37% stake, effectively put the company up for
sale in December when it asked GLP to undergo a strategic review.
The company then hired J.P. Morgan Chase & Co. (JPM) to seek
out potential buyers.
Write to P.R. Venkat at venkat.pr@wsj.com and Kane Wu at
kane.wu@wsj.com
(END) Dow Jones Newswires
February 27, 2017 05:02 ET (10:02 GMT)
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