GLP receives 'firm proposals' from shortlisted bidders

GLOBAL Logistic Properties (GLP) announced on Monday that it had on Friday received "firm proposals" for final evaluation from shortlisted bidders for the company.

It said in an update that all the proposals received are non-binding and are subject to regulatory approvals and other conditions.

"Such proposals do not constitute an intention on the part of any shortlisted bidder to make an offer for the purposes of Rule 3 of the Singapore Code on Takeovers and Mergers."

GLP's Special Committee is now conducting an in-depth and independent review of all terms of the proposals in consultation with the company's external advisers.

The Singapore-listed warehouse operator added that it will continue to provide timely updates, including making an appropriate announcement once the evaluation is completed, or in the event of any material developments.