GLP appoints a new independent financial adviser Evercore for S$16 billion buyout offer

SINGAPORE - Warehouse operator Global Logistic Properties (GLP) has appointed a new independent financial adviser Evercore Asia (Singapore) to replace the Singapore branch of the ANZ Banking Group (ANZ).

ANZ was appointed on July 24 as the party to advise the firm on a mega S$16 billion buyout offer for GLP by a consortium of investors, Nesta Investment Holdings.

The consortium had offered $3.38 per share for GLP, with the intention of delisting and privatising the firm.

GLP said on Wednesday (Aug 2) that the decision to replace ANZ as the independent financial adviser to the deal followed a clarification from the Securities Industry Council of Singapore (SIC) as to whether ANZ could be considered independent.

ANZ earlier told GLP it was independent in terms of the deal.

Although an ANZ entity outside of Singapore had a financial connection unrelated to the buyout offer with a member of Nesta Investment, ANZ felt that it would not compromise the independence of the bank as the independent financial adviser.

Nesta, of which GLP chief executive Ming Z. Mei is a board director, is owned by Hopu Logistics Investment Management, Hillhouse Capital Logistics Management, SMG Eastern, Bank of China Group Investment and Vanke Real Estate (Hong Kong).

However, the SIC indicated that it did not consider the corporate advisory division of ANZ to be independent, given the financial connection.

GLP said the appointment of Evercore to replace ANZ is not expected to affect the timeline of the deal, which is set to be completed by mid-April next year.