Nesta is comprised of five Chinese companies, including private equity investment firm HOPU Logistics Investment Management and Bank of China Group Investment.
A Chinese consortium announced Friday it will buy Singaporean warehouse operator Global Logistic Properties (GLP) for 15.9 billion Singapore dollars (about 11.6 billion USA dollars). That is slightly above the S$2.70 price that GLP shares last traded at on Wednesday, prior to a trading halt Thursday morning.
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"In view of the premium paid and the low conditionality of the deal, any potential counterbidder will have their work cut out for them", Justin Tang (鄧文雄), a director of global special situations at Religare Capital Markets in Singapore, said in an e-mail.
In what is the single largest takeover deal in Asia this year, the consortium led by GLP chief executive Ming Mei, appears to have won the race to buy the company, offering SGD3.38 in cash per security.
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However, despite its undertaking, GIC is free to accept an unsolicited, higher competing bid if one comes in before the scheme meeting is convened and is not matched by Nesta, the terms in the joint agreement noted.
GLP owns or operates warehouses and logistics facilities in China, Japan, Brazil and the United States, with a combined area of 55 million square kilometers.
Last year, GIC nudged GLP to start a strategic review of its business after its shares tumbled over a period of two years starting in 2015.
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.
It has grown rapidly through acquisitions, including the US$8.1 billion purchase, with GIC, of USA industrial property owner IndCor from Blackstone.