SINGAPORE - Mainboard-listed Global Logistic Properties (GLP), which has put itself up for sale, halted the trading of its shares on Thursday (July 13) pending an announcement.
GLP said last week it was assessing "firm proposals" from shortlisted bidders. Bidding for the company has reportedly narrowed to a Chinese consortium led by GLP's chief executive Ming Mei and a group led by Warburg Pincus.
GLP's major shareholder, Singapore sovereign wealth fund GIC, which owns a 37 per cent stake, nudged it to start a strategic review of its business last year.
With the firm valued at US$10 billion (S$13.8 billion), a successful transaction would rank as the largest Asian buyout by private equity groups, which are increasingly targeting bigger takeovers after having raised record funds, according to Thomson Reuters data.
An acquisition would give bidders a chance to grab control of Asia's largest warehouse operator, which counts Amazon among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business.