Update: GLP shares dive after FT report on potential bidders dropping out
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.
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
US dollar soft on renewed Fed rate cut bets; yen on back foot
South Korea’s probe alleges 211.2 billion won of illegal short trades
Asia: Markets build on rally as US jobs data boost rate cut hopes
Zero-day options boom will only grow even as some investors fear disaster
Singapore stocks open in the black on Monday; STI up 0.3%
Stocks to watch: Singtel, Venture Corp, ARA H-Trust, YHI International, LHN