Subscribers

GLP stock dives over 5%; company says talks with bidders still on

Report had said almost all of its potential bidders were dropping out

Singapore

LEADING provider of modern logistics facilities, Global Logistic Properties (GLP), is still in talks with shortlisted bidders interested in buying the firm and has taken measures to ensure fairness in the process, it said on Friday.

The announcement came fast and furious after its shares plunged on Friday trading.

They dived 28 cents or 9.3 per cent upon the opening bell, in reaction to a report in the Financial Times (FT) on the same day that almost all of its potential bidders were dropping out of the race to buy the warehouse operator ahead of a June 30 deadline for proposals.

The company had also requested a trading halt "pending release of an announcement" after its share price dropped...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes