U.S. and China Warehousing Giant GLP Moves Closer to Buyout

   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 [e-mail] and Kane Wu at [e-mail]

(END) Dow Jones Newswires

February 27, 2017 05:02 ET (10:02 GMT)

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