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Hot stock: GLP surges on renewed takeover speculation

Thursday, January 12, 2017 - 10:29

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THE share price of Global Logistic Properties surged more than 3 per cent on Thursday following a Bloomberg report that Warburg Pincus is forming a group to bid for the Singapore logistics provider.

According to the wire agency, Warburg Pincus has been speaking with banks and potential bidding partners about an offer for GLP, which has assets in China, Japan, the US and Brazil. GLP, which has a market value of about US$8.5 billion, is reported to have asked for first-round offers by early February. 

Shares of GLP rose as much as 4.8 percent on Thursday, hitting S$2.63 a share, the highest intraday level since June 2015. By 10:16am, they were trading around S$2.59, up 8 Singapore cents, or 3.19 per cent. More than 17 million shares changed hands. GLP led the 'Top 20 Value' traded stocks on the Singapore Exchange.

Earlier, GLP confirmed that it was in preliminary discussions with various parties on a possible sale of the company. But it emphasised that no definitive transaction has been entered into with any party, and there was no assurance that any transaction would materialize from the strategic review.

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The group undertook an independent strategic review of options available for its business following a request received from its largest shareholder, GIC Real Estate Private Limited.

It constituted a special committee, consisting of four independent directors, to oversee the strategic review. GLP also appointed JP Morgan (SEA) Limited as its financial adviser to assist on the strategic review.

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