GLP accepts SGD16bn takeover offer from Chinese consortium

Global Logistic Properties agrees to be bought by China group for $11.6 billion

The winning consortium is made up of several Chinese investors including the Bank of China, private equity firm Hopu and Hillhouse Capital Management, whose investors include Alibaba's Jack Ma.

Global Logistic Properties Ltd (GBTZY) has received a takeover offer from a Chinese-backed consortium in a deal that valued the U.S.'s No. 2 owner of warehouses at $11.6 billion.

GLP shares, which were suspended, surged 22 percent to S$3.30 after trading resumed in Singapore, the report added.

Read the rest of the story here. The deal will be the largest private equity buyout of an Asian company by enterprise value, surpassing last year's takeover of Qihoo 360 Technology Co., data compiled by Bloomberg show.

GLP is now 37 percent owned by Singapore sovereign wealth fund GIC. "We are pleased to announce this Scheme for our shareholders' consideration".

More news: Ltd. Buys 100 Shares of Tesla Inc. (NASDAQ:TSLA)

In a statement on Friday, GIC said it has provided an undertaking to Nesta Investment to "vote in favour of the scheme" in respect to its shareholding interest. The deal will also require the approval of the High Court of Singapore.

Seek Ngee Huat, GLP's chairman who also chairs the special committee undertaking the strategic review, said that, after an extensive evaluation of all final proposals received, it was chose to accept the proposed scheme. "That is, GIC is free to accept an unsolicited, higher competing bid if one comes in before the scheme meeting and is not matched by Nesta", the source said.

Vanke, one of China's largest developers, said in a separate statement the deal is part of a strategic move to become an "urban service provider".

GLP's independent directors said they concur with the opinion of GLP's financial adviser that the proposal is "fair, from a financial point of view" to shareholders.

It beat off competition from U.S. based private equity companies Waburg Pincus and Blackstone. The Singaporean fund instructed the group to be more responsive to bidders' questions and share information transparently in the auction, the people said, asking not to be identified because the discussions were confidential.

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