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Global Logistic
TMW1986
Master
13-Jul-2017 21:29     
 
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 Alert Admin 		Because not bidding. Lol. Ok la. 3.20 per share i will accept. Anything lower i wont.

dingbat      ( Date: 13-Jul-2017 21:11) Posted:

Are these just rumours or has the Warburg 3.50 price been verified?   Can' t imagine why GIC would pick a much lower offer than the top bidder...surprise

AndyLoss      ( Date: 13-Jul-2017 18:32) Posted:

this is not looking good - warburg made an offer of 3.50 and ot rejected 


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dingbat
Veteran
13-Jul-2017 21:11     
 
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 Alert Admin 		Are these just rumours or has the Warburg 3.50 price been verified?   Can' t imagine why GIC would pick a much lower offer than the top bidder...surprise

AndyLoss      ( Date: 13-Jul-2017 18:32) Posted:

this is not looking good - warburg made an offer of 3.50 and ot rejected 

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lglg666
Supreme
13-Jul-2017 20:17     
 
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 Alert Admin 		Yes....I'm one of those who kpkb having read about the offer price for UE lucky that have already collected the dividend.

HazardKoh      ( Date: 13-Jul-2017 18:38) Posted:

I remember last time got a few takeovers, then everyone very bullish but then when the offer price was annouce, the price  was lower than trading price and all the bullish ppl who vested kpkb..
U look at UEL (united engineering), share price trading at $3, latest just out, offer price just only $2.60


Perennial Leads Consortium with Yanlord to Acquire 33.5% Stake in United Engineers and up to 29.9% Stake in WBL Corporation for a Total Consideration of S$729.7 million

?X Mandatory Conditional Cash Offer Triggered for UEL Ordinary Shares at an Offer Price of S$2.60 for each UEL Ordinary Offer Share

?X Mandatory Unconditional Cash Offer Triggered for UEL Preference Shares at an Offer Price of S$2.60 for each UEL Preference Offer Share

?X Possible Mandatory Unconditional Cash Offer for WBL Ordinary Shares at an Offer Price of S$2.07 for each WBL Offer Share, subject to the satisfaction of the Chain Offer Condition

So i think offer price for GLP may not be what we expect. There is a risk..
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Atom99
Master
13-Jul-2017 19:17     
 
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Yells: "Once you hv eliminated the impossible,whatever remains TRUTH"
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 Alert Admin
About S$3/=
https://www.bloomberg.com/news/articles/2017-07-13/glp-is-said-to-pick-china-consortium-for-final-deal-negotiations

moron101      ( Date: 13-Jul-2017 19:00) Posted:

My guess is above 3.06 but below 3.50.. So take average of 3.28?

FATABA      ( Date: 13-Jul-2017 18:24) Posted:

The report above $3.o6 is the latest one. so this shld be last I have read.
​ The issue as I have say is HOW MUCH ABOVE THIS FULL VALUE OF 3.06 ?
​ And wld GIC accept it ?
​ Wonder why GLP cant announce this offer officially


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moron101
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13-Jul-2017 19:00     
 
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 Alert Admin 		My guess is above 3.06 but below 3.50.. So take average of 3.28?

FATABA      ( Date: 13-Jul-2017 18:24) Posted:

The report above $3.o6 is the latest one. so this shld be last I have read.
​ The issue as I have say is HOW MUCH ABOVE THIS FULL VALUE OF 3.06 ?
​ And wld GIC accept it ?
​ Wonder why GLP cant announce this offer officially ?

gopguppy      ( Date: 13-Jul-2017 18:15) Posted:

There are 2 reports floating around now. One report says the bid is " around $3/share" , while another report says it is " above the analyst value of $3.06" . Not sure which want to believe.
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HazardKoh
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13-Jul-2017 18:38     
 
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 Alert Admin 		I remember last time got a few takeovers, then everyone very bullish but then when the offer price was annouce, the price  was lower than trading price and all the bullish ppl who vested kpkb..
U look at UEL (united engineering), share price trading at $3, latest just out, offer price just only $2.60


Perennial Leads Consortium with Yanlord to Acquire 33.5% Stake in United Engineers and up to 29.9% Stake in WBL Corporation for a Total Consideration of S$729.7 million

?X Mandatory Conditional Cash Offer Triggered for UEL Ordinary Shares at an Offer Price of S$2.60 for each UEL Ordinary Offer Share

?X Mandatory Unconditional Cash Offer Triggered for UEL Preference Shares at an Offer Price of S$2.60 for each UEL Preference Offer Share

?X Possible Mandatory Unconditional Cash Offer for WBL Ordinary Shares at an Offer Price of S$2.07 for each WBL Offer Share, subject to the satisfaction of the Chain Offer Condition

So i think offer price for GLP may not be what we expect. There is a risk..
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AndyLoss
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13-Jul-2017 18:32     
 
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 Alert Admin 		this is not looking good - warburg made an offer of 3.50 and ot rejected 
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CraigFoo
Elite
13-Jul-2017 18:26     
 
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 Alert Admin 		Seem like Bloomberg has jumped the gun and announce both UE and GLP offers. They have also make announcements on sinochem buying noble and then subsequently rejecting. I wonder where they get their info
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FATABA
Supreme
13-Jul-2017 18:24     
 
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 Alert Admin 		The report above $3.o6 is the latest one. so this shld be last I have read.
​ The issue as I have say is HOW MUCH ABOVE THIS FULL VALUE OF 3.06 ?
​ And wld GIC accept it ?
​ Wonder why GLP cant announce this offer officially ?

gopguppy      ( Date: 13-Jul-2017 18:15) Posted:

There are 2 reports floating around now. One report says the bid is " around $3/share" , while another report says it is " above the analyst value of $3.06" . Not sure which want to believe.
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gopguppy
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13-Jul-2017 18:15     
 
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 Alert Admin 		There are 2 reports floating around now. One report says the bid is " around $3/share" , while another report says it is " above the analyst value of $3.06" . Not sure which want to believe.
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desmodeus
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13-Jul-2017 17:52     
 
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 Alert Admin 		well said
I support

Andrewtan18      ( Date: 13-Jul-2017 16:58) Posted:

The GLP board is going to have to clarify plenty given allegations from the Blackstone and Warburg on the setup of the GLP China business. It seems that the Chinese investors have worked in some terms that would make any buyer unable to control the China side. This is serious as it means the Group is not in total control of its Chinese side of the business which is the largest and most significant portion.
Since GIC is major shareholder and would have board representation, it too would have much to answer. If allegations are true there is possible corporate negligence in protecting minority shareholder rights. 
Basically the value of GLP has been diminished by having a group of Chinese investor/management wielding disproportionate control over the China side business. 
GIC' s stake is every Singaporean' s stake as they manage and invest Singapore' s reserves. As individual investors here we may have gotten an unfair deal both in our private capacity and collectively through our stake in the GIC holdings. 
There ought to be some airing of the issues at the end of this whole process. 

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FATABA
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13-Jul-2017 17:42     
 
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 Alert Admin 		well said.
​ I guess now the MAIN point is the premium above this " full value by analysis" of 3.06.  What is the ofer price. ?
​ If its 10% premium or more than I agree GLP accepting this offer is very well taken by all.
​ If however, accepting somewhere a little above this 3.06 full value ...then a lot of unhappiness wld surface on the coming AGM
​ ( how they value the fund mgt business....why Warhurg higher bid not consider or further look into etc etc)
​ OK wait again for the final price.

Andrewtan18      ( Date: 13-Jul-2017 16:58) Posted:

The GLP board is going to have to clarify plenty given allegations from the Blackstone and Warburg on the setup of the GLP China business. It seems that the Chinese investors have worked in some terms that would make any buyer unable to control the China side. This is serious as it means the Group is not in total control of its Chinese side of the business which is the largest and most significant portion.
Since GIC is major shareholder and would have board representation, it too would have much to answer. If allegations are true there is possible corporate negligence in protecting minority shareholder rights. 
Basically the value of GLP has been diminished by having a group of Chinese investor/management wielding disproportionate control over the China side business. 
GIC' s stake is every Singaporean' s stake as they manage and invest Singapore' s reserves. As individual investors here we may have gotten an unfair deal both in our private capacity and collectively through our stake in the GIC holdings. 
There ought to be some airing of the issues at the end of this whole process. 

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Andrewtan18
Senior
13-Jul-2017 16:58     
 
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 Alert Admin 		The GLP board is going to have to clarify plenty given allegations from the Blackstone and Warburg on the setup of the GLP China business. It seems that the Chinese investors have worked in some terms that would make any buyer unable to control the China side. This is serious as it means the Group is not in total control of its Chinese side of the business which is the largest and most significant portion.
Since GIC is major shareholder and would have board representation, it too would have much to answer. If allegations are true there is possible corporate negligence in protecting minority shareholder rights. 
Basically the value of GLP has been diminished by having a group of Chinese investor/management wielding disproportionate control over the China side business. 
GIC' s stake is every Singaporean' s stake as they manage and invest Singapore' s reserves. As individual investors here we may have gotten an unfair deal both in our private capacity and collectively through our stake in the GIC holdings. 
There ought to be some airing of the issues at the end of this whole process. 
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subaru
Senior
13-Jul-2017 16:57     
 
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 Alert Admin

DJ Global Logistic Properties Picks Chinese Group as Preferred Bidder

13 Jul 2017 16:04


DJ Global Logistic Properties Picks Chinese Group as Preferred Bidder 
By P.R. Venkat and Phred Dvorak


A consortium fronted by two Chinese investment funds has been tapped as the preferred bidder to buy Singapore' s Global Logistic Properties Ltd., in a closely watched contest for control of one of the world' s largest warehousing companies.

The group--which beat out a competing bid from U.S. private-equity giants Warburg Pincus LLC and Blackstone Group LP--is led by China' s Hillhouse Capital Group, known for its early and savvy bets on Chinese internet champions like Tencent Holdings Ltd., and Hopu Investment Management Co., which helped lead a $2.5 billion investment in GLP' s China assets in 2014, according to people familiar with the deal. Hopu founder Fang Fenglei sits on GLP' s board.

The group is offering around 3 Singapore dollars (US$2.18) a share, one of the people familiar with the deal said. That is slightly above the S$2.70 price that GLP shares last traded at on Wednesday, prior to a trading halt Thursday morning. The offer would value the company at around S$14 billion (US$10.2 billion), based on the number of shares outstanding.
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nea03177
Senior
13-Jul-2017 16:53     
 
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 Alert Admin 		Bro Blurtrader- Thank you for using your paid subscription to read and provide the details here. When a Scheme of Arrangement is proposed, it is a long process. They need an independent Financial Adviser to advise the Independent Directors so that shareholders can make a decision at the Scheme Meeting. It was mentioned that the Chinese Consortium is trying to get GIC's undertaking to vote for the Scheme.

blurtrader      ( Date: 13-Jul-2017 15:49) Posted:

Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/fb49c3ae-678e-11e7-9a66-93fb352ba1fe

29 minutes ago by: Henny Sender in Hong Kong An insider group headed by chief executive Ming Mei, including powerful Chinese investors, has been named the preferred bidder to take control of Singapore-based Global Logistic Properties. The winning group offered a bid that was above analysts&rsquo full-value estimate of around $3.06 a share, according to a person involved. By going with management, GLP, one of the world&rsquo s largest warehouse operators, can cite certainty of closure. But it will not end the controversy that has plagued the process from the beginning, since the price from a rival consortium comprised of private equity firm Warburg Pincus, Suning Commerce and logistics firm e-Shang Redwood consisted of a range with $3.50 at the upper end. Warburg&rsquo s bid was non-binding, due to concerns about a 34 per cent stake that went to Mr Mei and a group put together by Hopu Investment Management in 2014. Both Mr Mei&rsquo s group and Warburg Pincus declined to comment. The auction, one of the biggest private equity deals seen in Asia, will see the Mei-led consortium taking GLP private, resulting in a delisting for the group with an enterprise value of $18.3bn. Throughout the process rival private equity groups complained that the Mei group had unfair advantages, including superior information, and that the terms of a 2014 sale of about one-third of GLP&rsquo s China business to a group including Ming Mei amounted to a poison pill. Rival bidders said they questioned their ability to control the China entity even if they took control of the full company &mdash a concern that did not apply to Mr Mei&rsquo s group. They also complained they were unable to secure financing from the banks, because the banks had already committed to Mr Mei. Mr Mei&rsquo s group received exclusive commitments for financing from both Singaporean and Chinese banks as well as from some members of his bidding group. Quoted from FT 30 minutes ago,

 

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kyo56us
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13-Jul-2017 16:49     
 
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 Alert Admin 		Maybe i understand wrongly but, 

" The winning group offered a bid that was above analysts& rsquo full-value estimate of around $3.06 a share."

the price should be above $3.06 but how much above is still a ?

but i was hoping price to be at least $3.25



 
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FATABA
Supreme
13-Jul-2017 16:35     
 
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 Alert Admin 		FT alrdy report win by Hopu 3.06.....this analyst ? what and who?  Enlisted MS and team most likely accepted this.

​ GIC is the most important link w 37% ...and if they say NO ...then its no deal.
​ I think even they say YES....a lot of shareholders might not be happy ......eventually the OFFER might be revise.  So when stock opens...it may push up immeidately and if a BB gather over 3.06......expect a fight.  DYODD
​ Shareholders shld HOLD on very tight till AGM is confirmed and over. ( my personal view)

"
  In the US, management buyouts have often been challenged by activist shareholders. Under Delaware law, for example, such shareholders can get independent valuations and force management to offer a higher price to obtain their consent for a deal, as some did, for example, in challenging Michael Dell&rsquo s buyout of his eponymous firm.

Activist Elliott Management has a stake in GLP according to its shareholder register. Since GIC announced last year it was considering GLP&rsquo s future, many hedge funds have also bought shares, hoping any buyout would involve a significant premium. Under Singapore rules, 75 per cent of shareholders must approve of any deal." "


gopguppy      ( Date: 13-Jul-2017 16:20) Posted:

I see your point. In that case the winning bid can be slightly higher than $3.06. We wait for the official news then.

teojjsg      ( Date: 13-Jul-2017 16:14) Posted:

The winning group offered a bid that was above analysts' full-value estimate of around $3.06 a share. The way i read it is : the $3.06 is analysts' estimate of value. Winning group bid higher than that.
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twinpower
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13-Jul-2017 16:31     
 
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 Alert Admin 		Had it been a fair tender from the beginning, with warburg and blackstone involved in the tussle, i would also expect a much higher premium. But like u say, it is what it is. So just await for the official news from glp.

RedEye1811      ( Date: 13-Jul-2017 16:20) Posted:

Thank you for the clarification. I did not see your earlier post. I was slightly highers on the premium expecting as felt it a solid, good rep firm so was worth a bit more. But it is was it is. See how plays out.

twinpower      ( Date: 13-Jul-2017 15:51) Posted:

As in my earlier post, i expected a 15-20% premium from the book value of $2.6, so $3 is within my expectations, though in the lower end. But the developments today is already very encouraging as compared to the sentiments past few days when the deal looks to be hanging on a thread
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HiFive123
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13-Jul-2017 16:21     
 
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 Alert Admin 		Is this the way to maximise all shareholders value?

Investor33      ( Date: 13-Jul-2017 16:13) Posted:

FT 53 mins ago..

Hopu wins bidding for Global Logistic Properties

Chinese PE shop triumphs despite suggestion Warburg Pincus offered more cash

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gopguppy
Veteran
13-Jul-2017 16:20     
 
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 Alert Admin 		I see your point. In that case the winning bid can be slightly higher than $3.06. We wait for the official news then.

teojjsg      ( Date: 13-Jul-2017 16:14) Posted:

The winning group offered a bid that was above analysts' full-value estimate of around $3.06 a share. The way i read it is : the $3.06 is analysts' estimate of value. Winning group bid higher than that.
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