GLP logistics buyout just about gets from A to B

Vanke Overseas Investment Holding

14/07/2017 10:19

(The author is a Reuters Breakingviews columnist.  The opinions 
expressed are his own.) 
    By Alec Macfarlane 
    HONG KONG July 14 (Reuters) - The Singaporean group accepted 
a S$16 bln offer from its own CEO and Chinese buyout firms. The 
decision seems more about deliverability than price, which is a 
worry when buyers are also insiders. Still, the 25 pct premium 
adds enough financial bubble-wrap to ensure safe passage. 
          
    Full view will be published shortly. 
    On Twitter https://twitter.com/AlecMac11 
     
    CONTEXT NEWS 
    - Global Logistic Properties agreed to be acquired by a 
consortium including its chief executive and Chinese private 
equity groups on July 14, in a deal valuing the Asian warehouse 
operator at roughly S$16 billion ($11.6 billion). 
    - The consortium, made up of GLP Chief Executive Ming Mei, 
Hopu, Hillhouse Capital, Bank of China Group Investment and 
Chinese property developer Vanke, is offering S$3.38 in cash per 
share for the Singapore-listed company.  
    - The proposed deal will be done through a scheme of 
arrangement, and would be Asia's largest private equity buyout, 
according to Reuters.  
    - GLP shares rose 22.2 percent on July 14 to S$3.30. 
  
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    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
Global Logistic Properties updates on proposed privatization of 
Co     urn:newsml:reuters.com:*:nRSD1nGK3k 
GLP statement, July 14    https://www.glprop.com/press-releases/487-proposed-privatization-of-glp.html 
Sale of Singapore's GLP seems to stack up     urn:newsml:reuters.com:*:nL3N1JK25Y 
Blue-chip exodus is awkward for Singapore     urn:newsml:reuters.com:*:nL4N1FV17X 
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> 
 (Editing by John Foley and Katrina Hamlin) 
 ((alec.macfarlane@thomsonreuters.com; Reuters Messaging: 
alec.macfarlane.thomsonreuters.com@reuters.net)) 
 
Keywords: GLP M&A/BREAKINGVIEWS