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Update: GLP shares dive after FT report on potential bidders dropping out

Friday, June 23, 2017 - 09:06

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WAREHOUSE owner Global Logistic Properties dived 28 cents, or 9.3 per cent, upon the opening bell on Friday.

As at 9am the company was trading at S$2.72, versus S$3 on Thursday's close.

The share price reaction comes after a Financial Times report on how almost all potential bidders for GLP's business are dropping out, ahead of a June 30 deadline for proposals.

The potential bidders, which included Blackstone, KKR, RRJ and TPG, are concerned that an insider bid could make other submissions pointless, the report said.

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In an announcement issued at noon, GLP said no binding proposals have been received.

It reiterated that its strategic review is overseen by four independent directors of the company, and the company has undertaken measures to "alleviate potential conflicts of interest and ensure fairness of the process".

The company remains in discussion with shortlisted bidders, it said.

As of 12.31pm, GLP was trading at S$2.81.    

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