GIC said to have tackled grouses in ongoing sale of GLP
Nub is whether management-backed group has an edge over other bidders, given its access to information
Singapore
THE litany of complaints about the biggest Asian buyout deal became so bad that Singapore's sovereign wealth fund decided to act.
A bidding process for Global Logistic Properties, the US$9.7 billion warehouse developer, has been running since the start of the year. In May, representatives of GIC Pte Ltd, the company's largest shareholder, called the GLP working team managing the sale into their offices, according to people familiar with the matter. The Singaporean fund instructed the assembled group to be more responsive to bidders' questions and share information transparently in the auction, the people said, asking not to be identified because the discussions were confidential.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Cordlife served letter of demand, notice of claim from customers
Indonesia’s Vidio is aiming to double subscribers ahead of IPO
DBS Q1 profit up 15% to S$2.95 billion; interim dividend at S$0.54 per share
KKR’s earnings rise 20% on strong management fees, annuities business
Stocks to watch: DBS, Olam, Parkway Life Reit, Japfa, CSE Global