GLP says has received 'firm proposals' from shortlisted bidders for final evaluation

A property in the eastern city of Urayasu that belongs to Global Logistic Properties.
A property in the eastern city of Urayasu that belongs to Global Logistic Properties. PHOTO: GLOBAL LOGISTIC PROPERTIES

SINGAPORE - Global Logistic Properties Ltd said on Monday (July 3) that it has received firm proposals from shortlisted bidders for final evaluation.

All of the proposals received are non-binding and are subject to regulatory approvals and other conditions. GLP added.

"Such proposals do not constitute an intention on the part of any shortlisted bidder to make an offer for the purposes of Rule 3 of the Singapore Code on Takeovers and Mergers," said GLP in a filing with the Singapore Exchange.

The firm said a special committee it set up is now conducting an in-depth and independent review of all terms of the proposals in consultation with the company's external advisers.

GLP reiterated that there remains no certainty that any definitive transaction will materialize from, or that any offer will be made as a result of, any proposals received or the strategic review, and there also remains no certainty as to the terms of a transaction (if any).