GIC-backed GLP chooses Chinese group's $16b offer in Asia's biggest buyout

A Global Logistic Properties warehouse in the US

A Global Logistic Properties warehouse in the US

If the deal goes through, it will be the largest-ever private equity buyout of an Asian company, surpassing last year's takeover of China's Qihoo 360 Technology, according to Bloomberg data.

The consortium, which includes GLP's chief executive as well as Chinese investors Hillhouse Capital Group and Hopu Investment Management Co., will pay 3.38 Singapore dollars a share for the warehousing firm, GLP said in a statement Friday.

The group, which also includes founder Ming Mei's SMG, Bank of China Group Investment and a unit of China Vanke Co., offered S$3.38 a share.

The company's directors had announced just before trading began that they had picked the acquisition offer from a Chinese consortium following a lengthy strategic review.

The Chinese group is offering S$3.38 in cash per share, representing 81 percent premium over its 12-month volume weighted average price.

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Shares of GLP have surged more than 75 percent over the past year, giving it a market value of about S$15.5 billion. Ltd., GLP's biggest shareholder with a 37% stake, effectively put it up for sale in December when it asked the company to undergo a strategic review. Trading was halted on Thursday (14 July), pending the announcement of the deal.

Singapore sovereign wealth fund GIC, which owns a 36.84 per cent stake in GLP, has given an undertaking to support the bid, which will be carried out through a scheme of arrangement.

Seek Ngee Huat, GLP's chairman who also chairs the special committee undertaking the strategic review, said that, after an extensive evaluation of all final proposals received, it was made a decision to accept the proposed scheme. The Singaporean fund instructed the 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.

GIC said it is supportive of the transaction. It agreed to give the undertaking after having considered the terms of the acquisition - in particular, the price and certainty of execution. "That is, GIC is free to accept an unsolicited, higher competing bid if one comes in before the scheme meeting and is not matched by Nesta", the source said.

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