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Hot stock: GLP surges on takeover speculation by China sovereign fund, others
SHARES of Global Logistic Properties (GLP) surged more than 14 per cent on Wednesday amidst market speculation that the Singapore-listed logistics facilities provider has attracted takeover interest from several parties, including China's sovereign fund.
After hitting S$2.05 a share, GLP was trading around S$1.99 a share at 12:34pm, up 20 Singapore cents, or 11 per cent from the previous day's close of S$1.79 a share. A staggering 30.60 million shares changed hands.
Bloomberg reported that China Investment Corp., Hopu Investment Management and Hillhouse Capital Management have held talks about making a joint offer for GLP. It said the suitors have reached out to potential partners to weigh their interest in joining the consortium.
Any deal would depend on the receptiveness of GLP's biggest shareholder, Singapore sovereign wealth fund GIC, and there is no certainty the consortium will proceed with a bid, Bloomberg's sources said.