Global Logistic Properties Ltd. (MC0.SG) Friday said that it remains in talks with shortlisted bidders interested in buying the logistics firm and that it has taken measures to ensure fairness in the sale process.
Shares of GLP fell nearly 7% earlier in the day after the Financial Times reported that almost all of its potential bidders are dropping out of the race to buy the warehouse operator.
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"The strategic review is being undertaken independently and the company has undertaken measures to alleviate potential conflicts of interest and ensure fairness of the process," GLP said in a filing to the Singapore Exchange. GLP didn't name the shortlisted bidders.
GLP which has set a June 30 deadline for firm proposals from shortlisted bidders said no binding proposals have been received yet.
One of the world's biggest logistics firms, GLP has a market capitalization of nearly $10 billion. The company earlier this year said it was in talks with various parties to sell itself as part of a continuing strategic review, triggered by a request by its biggest shareholder, Singapore sovereign-wealth fund GIC Pte. Ltd. GIC owns 37% of the company.
Among those that have expressed interest is a consortium led by several Global Logistic executives and China-focused investment firms Hillhouse Capital Group and Hopu Investment Management Co., people familiar with the process have said. Private-equity firms Blackstone Group and Warburg Pincus LLC were also in the race, the people said.
In its statement Friday, GLP reiterated that all directors with a conflict or a potential conflict of interest have recused themselves from all decisions relating to the strategic review.
GLP has targeted the U.S. and China, the two biggest online-shopping markets, for its expansion. It manages logistics assets valued at close to $40 billion across the U.S., China, Japan and Brazil.
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(END) Dow Jones Newswires
June 23, 2017 00:40 ET (04:40 GMT)