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Global Logistic
investshare
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03-Jul-2017 16:02     
 
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 Alert Admin 		My view is this, if Chinese fail this time, they know they will subject to greater scrutiny in future attempt. So they know they have to make a proposal that's indisputably the best, one that is so good that will shut all critics mouth.
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gopguppy
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03-Jul-2017 15:02     
 
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 Alert Admin 		Agree.
Smartkarma logic will only apply if all bidders have equal financial means to propose effective alternative proposals. In this case that is not the case. This is a flawed logic. If the " Holy Trinity" of the logisitics business (Chinese, Walburg, Blackstone) are bidding, does it make any difference whether smaller players are bidding or not? Surprisingly not many people are able to understand this simple logic.
 

FATABA      ( Date: 03-Jul-2017 14:48) Posted:

Personally I dont agree with this input from SmartKarma....there is NO proof that smaller number of bids will affect the winning price.
​ In fact it all depends on the parties bidding.....how much they wanted GLP.  How much they know the true value for GLP .
And more so , what are their plans for GLP after taking over.
​ So at the end of the day ....even if 2 bids but are from someone who has a great plan for GLP ( maybe list in NY etc,...)  the value can be multiple several times.....let us wait patiently for this answer.

toshiyosh      ( Date: 03-Jul-2017 13:25) Posted:



Analysts said a smaller number of bids would likely affect the winning price for the company.

" Our take on GLP has long been that the company is worth substantially more than its stated book value of S$2.59 ... because of its network of properties in China, which simply cannot be replicated in the medium-term," analyst Daniel Hellberg wrote on independent research platform Smartkarma last week.
Hellberg said a smaller number of bidders likely means the winning bid may end up being closer to S$3.0 per share versus his target price of at least S$3.5.


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FATABA
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03-Jul-2017 14:48     
 
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 Alert Admin 		Personally I dont agree with this input from SmartKarma....there is NO proof that smaller number of bids will affect the winning price.
​ In fact it all depends on the parties bidding.....how much they wanted GLP.  How much they know the true value for GLP .
And more so , what are their plans for GLP after taking over.
​ So at the end of the day ....even if 2 bids but are from someone who has a great plan for GLP ( maybe list in NY etc,...)  the value can be multiple several times.....let us wait patiently for this answer.

toshiyosh      ( Date: 03-Jul-2017 13:25) Posted:



Analysts said a smaller number of bids would likely affect the winning price for the company.

" Our take on GLP has long been that the company is worth substantially more than its stated book value of S$2.59 ... because of its network of properties in China, which simply cannot be replicated in the medium-term," analyst Daniel Hellberg wrote on independent research platform Smartkarma last week.
Hellberg said a smaller number of bidders likely means the winning bid may end up being closer to S$3.0 per share versus his target price of at least S$3.5.

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bobian
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03-Jul-2017 14:33     
 
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 Alert Admin 		Will there a general offer at the end of the process? Anyway, what' s the  process for, is it not a case of highest bidder win?
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toshiyosh
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03-Jul-2017 13:25     
 
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 Alert Admin

Analysts said a smaller number of bids would likely affect the winning price for the company.

" Our take on GLP has long been that the company is worth substantially more than its stated book value of S$2.59 ... because of its network of properties in China, which simply cannot be replicated in the medium-term," analyst Daniel Hellberg wrote on independent research platform Smartkarma last week.
Hellberg said a smaller number of bidders likely means the winning bid may end up being closer to S$3.0 per share versus his target price of at least S$3.5.
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toshiyosh
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03-Jul-2017 13:22     
 
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 Alert Admin 		NEWS JUST IN 2 hours ago from Reuters.

http://www.reuters.com/article/us-glp-m-a-idUSKBN19N0ZI?il=0

Happy.
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Docstock
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03-Jul-2017 12:36     
 
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 Alert Admin 		Can anyone corroborate that Warburg and blackstone have joined as bidding party? Besides the 2 US report it is not mentioned anywhere and especially not by the often quoted " unnamed source that declined to be named as the info is private'
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Andrewtan18
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03-Jul-2017 12:20     
 
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 Alert Admin 		It' s semantics because nothing is legally binding until the takeover/merger process is triggered which will then placed the parties concerned under legal obligation under the Takeover Code. 

Initial bids were were deemed non binding and used as indication by company to determine whether to pursue the offer. If offer is too low and gulf between buyer and seller too wide then there would be no further discussion.

Obviously the indicative bids were deemed reasonable but buyer is only bidding based on their best estimate without due diligence and so company opens up its books and provide information for a " firm" or " binding" offer. However, bidder still has the right to withdraw as binding here has no legal obligation.

Since bidders are well known Private Equity firms and the due diligence process requires time and money, no parties is going to play around and submit an offer without real intention to follow through.

gopguppy      ( Date: 03-Jul-2017 10:24) Posted:

This report says the bids are binding. However GLP update says otherwise.

gopguppy      ( Date: 03-Jul-2017 10:22) Posted:

Race to buy $10 billion-valued GLP narrows down to two groups: sources

 
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. REUTERS/Mike Segar/File Photo
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. REUTERS/Mike Segar/File Photo
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By Anshuman Daga and Kane Wu | SINGAPORE/HONG KONG


The race to buy Global Logistic Properties (GLPL.SI) narrowed to between a Chinese consortium backed by the company' s management and a rival group led by Warburg Pincus, sources said, as bidders submitted offers for the $10 billion-valued firm.

An acquisition offers a chance for bidders to grab control of Asia' s biggest warehouse operator, which counts Amazon (AMZN.O) among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business.

Friday marked the deadline for parties to submit binding offers for GLP. Reuters was not able to confirm if more than two bids were submitted.

At current valuations, a successful transaction will rank as the largest Asian buyout by private equity groups, which are increasingly targeting bigger takeovers after raising record funds, according to Thomson Reuters data.

Singapore-listed GLP was thrust into the spotlight late last year after sovereign wealth fund GIC, which owns a 37 percent stake, nudged it to start a strategic review of its business. JPMorgan was then hired by GLP as its financial adviser.

GLP' s shares have since soared nearly 50 percent to the highest in more than three years.

After months of negotiations with a special committee of GLP' s independent directors, the race has narrowed to between a group led by Chinese private equity firms Hopu Investment Management and Hillhouse Capital Group, with the support of GLP CEO Ming Mei, and a rival consortium headed by Warburg Pincus and its logistics partner e-Shang Redwood, the sources said.

GLP, GIC, Warburg Pincus, Hopu, Hillhouse and a spokeswoman for the consortium declined to comment when contacted by Reuters. The sources declined to be identified as they were not authorized to speak about the deal.

Hopu' s founder Fang Fenglei, one of China' s best known dealmakers, is a GLP board member, and Hopu, partly owns GLP' s China business. The Chinese consortium has also brought in co-investors such as property developer China Vanke (000002.SZ) and Ping An Insurance Group of China (2318.HK) for a bid for GLP, sources have said. " The management group and Warburg Pincus are the most serious bidders. Some other parties are keen on picking up specific assets and not the entire company," said one source. Concerns over the transparency of the sale process and business ties of the management-backed consortium have forced some potential bidders to re-evaluate their interest and sparked complaints to GIC, sources said. Last week, GLP said it was in discussions with shortlisted bidders and had taken measures to alleviate potential conflicts of interest following a Financial Times report that almost all the potential bidders were dropping out due to concerns an insider bid will make other submissions pointless. Some of the potential bidders such as Blackstone Group (BX.N) and Asian buyout firm RRJ Capital were unlikely to submit individual bids, sources said.

Blackstone declined to comment. RRJ did not respond to an emailed request for comment. GLP owns and operates a $41 billion portfolio of industrial assets spread across China, Japan, Brazil and the United States. It gets two-thirds of its revenue from China, where it has a dominant market position. Around 20 lenders are working with three consortia in the hope of securing a role on the deal, IFR, a Thomson Reuters publication, reported last week.


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FATABA
Supreme
03-Jul-2017 11:18     
 
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 Alert Admin 		Finally we know that OFFICIALLY bids are submitted ( the number of bids are NOT confirmed by GLP.....reports CLAIMED 2 parties....I doubt they really know the number of bids)
​ DD and looking into the offer and conditions should not take several mths......my personal guess is the decision parties KNOW GLP worth very well, so we might know the reply this month.
​ anyway , many WILD guesses that NO bids might be submitted are proven wrong.  Again , the bids cant be too low or bidders are wasting their OWN time and effort.
Time will tell.  Happy waiting and invesitng.

lglg666      ( Date: 03-Jul-2017 10:08) Posted:

It could be one month or a couple of months this diligence thingy can be completed due to its complexity. So gotto ride this out to see how it pends out if already vested.

alexchew      ( Date: 03-Jul-2017 09:47) Posted:

Due diligence work... how many M& A has already been decided before due diligence actually carried out? It' s just a compliane matter and not the deciding factor. The actual value of the companies, will have already been discussed internally before embarking on any due diligence. Just standard information posted on SGX. Hold on if you wish to get your 20% premium on your purchase price, (not the trading price today).
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gopguppy
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03-Jul-2017 10:24     
 
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 Alert Admin 		This report says the bids are binding. However GLP update says otherwise.

gopguppy      ( Date: 03-Jul-2017 10:22) Posted:

Race to buy $10 billion-valued GLP narrows down to two groups: sources

 
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. REUTERS/Mike Segar/File Photo
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. REUTERS/Mike Segar/File Photo
  •  
  •  
  •  
  •  
By Anshuman Daga and Kane Wu | SINGAPORE/HONG KONG


The race to buy Global Logistic Properties (GLPL.SI) narrowed to between a Chinese consortium backed by the company' s management and a rival group led by Warburg Pincus, sources said, as bidders submitted offers for the $10 billion-valued firm.

An acquisition offers a chance for bidders to grab control of Asia' s biggest warehouse operator, which counts Amazon (AMZN.O) among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business.

Friday marked the deadline for parties to submit binding offers for GLP. Reuters was not able to confirm if more than two bids were submitted.

At current valuations, a successful transaction will rank as the largest Asian buyout by private equity groups, which are increasingly targeting bigger takeovers after raising record funds, according to Thomson Reuters data.

Singapore-listed GLP was thrust into the spotlight late last year after sovereign wealth fund GIC, which owns a 37 percent stake, nudged it to start a strategic review of its business. JPMorgan was then hired by GLP as its financial adviser.

GLP' s shares have since soared nearly 50 percent to the highest in more than three years.

After months of negotiations with a special committee of GLP' s independent directors, the race has narrowed to between a group led by Chinese private equity firms Hopu Investment Management and Hillhouse Capital Group, with the support of GLP CEO Ming Mei, and a rival consortium headed by Warburg Pincus and its logistics partner e-Shang Redwood, the sources said.

GLP, GIC, Warburg Pincus, Hopu, Hillhouse and a spokeswoman for the consortium declined to comment when contacted by Reuters. The sources declined to be identified as they were not authorized to speak about the deal.

Hopu' s founder Fang Fenglei, one of China' s best known dealmakers, is a GLP board member, and Hopu, partly owns GLP' s China business. The Chinese consortium has also brought in co-investors such as property developer China Vanke (000002.SZ) and Ping An Insurance Group of China (2318.HK) for a bid for GLP, sources have said. " The management group and Warburg Pincus are the most serious bidders. Some other parties are keen on picking up specific assets and not the entire company," said one source. Concerns over the transparency of the sale process and business ties of the management-backed consortium have forced some potential bidders to re-evaluate their interest and sparked complaints to GIC, sources said. Last week, GLP said it was in discussions with shortlisted bidders and had taken measures to alleviate potential conflicts of interest following a Financial Times report that almost all the potential bidders were dropping out due to concerns an insider bid will make other submissions pointless. Some of the potential bidders such as Blackstone Group (BX.N) and Asian buyout firm RRJ Capital were unlikely to submit individual bids, sources said.

Blackstone declined to comment. RRJ did not respond to an emailed request for comment. GLP owns and operates a $41 billion portfolio of industrial assets spread across China, Japan, Brazil and the United States. It gets two-thirds of its revenue from China, where it has a dominant market position. Around 20 lenders are working with three consortia in the hope of securing a role on the deal, IFR, a Thomson Reuters publication, reported last week.

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gopguppy
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03-Jul-2017 10:22     
 
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Race to buy $10 billion-valued GLP narrows down to two groups: sources

 
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. REUTERS/Mike Segar/File Photo
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. REUTERS/Mike Segar/File Photo
  •  
  •  
  •  
  •  
By Anshuman Daga and Kane Wu | SINGAPORE/HONG KONG


The race to buy Global Logistic Properties (GLPL.SI) narrowed to between a Chinese consortium backed by the company' s management and a rival group led by Warburg Pincus, sources said, as bidders submitted offers for the $10 billion-valued firm.

An acquisition offers a chance for bidders to grab control of Asia' s biggest warehouse operator, which counts Amazon (AMZN.O) among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business.

Friday marked the deadline for parties to submit binding offers for GLP. Reuters was not able to confirm if more than two bids were submitted.

At current valuations, a successful transaction will rank as the largest Asian buyout by private equity groups, which are increasingly targeting bigger takeovers after raising record funds, according to Thomson Reuters data.

Singapore-listed GLP was thrust into the spotlight late last year after sovereign wealth fund GIC, which owns a 37 percent stake, nudged it to start a strategic review of its business. JPMorgan was then hired by GLP as its financial adviser.

GLP' s shares have since soared nearly 50 percent to the highest in more than three years.

After months of negotiations with a special committee of GLP' s independent directors, the race has narrowed to between a group led by Chinese private equity firms Hopu Investment Management and Hillhouse Capital Group, with the support of GLP CEO Ming Mei, and a rival consortium headed by Warburg Pincus and its logistics partner e-Shang Redwood, the sources said.

GLP, GIC, Warburg Pincus, Hopu, Hillhouse and a spokeswoman for the consortium declined to comment when contacted by Reuters. The sources declined to be identified as they were not authorized to speak about the deal.

Hopu' s founder Fang Fenglei, one of China' s best known dealmakers, is a GLP board member, and Hopu, partly owns GLP' s China business. The Chinese consortium has also brought in co-investors such as property developer China Vanke (000002.SZ) and Ping An Insurance Group of China (2318.HK) for a bid for GLP, sources have said. " The management group and Warburg Pincus are the most serious bidders. Some other parties are keen on picking up specific assets and not the entire company," said one source. Concerns over the transparency of the sale process and business ties of the management-backed consortium have forced some potential bidders to re-evaluate their interest and sparked complaints to GIC, sources said. Last week, GLP said it was in discussions with shortlisted bidders and had taken measures to alleviate potential conflicts of interest following a Financial Times report that almost all the potential bidders were dropping out due to concerns an insider bid will make other submissions pointless. Some of the potential bidders such as Blackstone Group (BX.N) and Asian buyout firm RRJ Capital were unlikely to submit individual bids, sources said.

Blackstone declined to comment. RRJ did not respond to an emailed request for comment. GLP owns and operates a $41 billion portfolio of industrial assets spread across China, Japan, Brazil and the United States. It gets two-thirds of its revenue from China, where it has a dominant market position. Around 20 lenders are working with three consortia in the hope of securing a role on the deal, IFR, a Thomson Reuters publication, reported last week.
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lglg666
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03-Jul-2017 10:08     
 
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 Alert Admin 		It could be one month or a couple of months this diligence thingy can be completed due to its complexity. So gotto ride this out to see how it pends out if already vested.

alexchew      ( Date: 03-Jul-2017 09:47) Posted:

Due diligence work... how many M& A has already been decided before due diligence actually carried out? It' s just a compliane matter and not the deciding factor. The actual value of the companies, will have already been discussed internally before embarking on any due diligence. Just standard information posted on SGX. Hold on if you wish to get your 20% premium on your purchase price, (not the trading price today).
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alexchew
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03-Jul-2017 09:47     
 
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 Alert Admin 		Due diligence work... how many M& A has already been decided before due diligence actually carried out? It' s just a compliane matter and not the deciding factor. The actual value of the companies, will have already been discussed internally before embarking on any due diligence. Just standard information posted on SGX. Hold on if you wish to get your 20% premium on your purchase price, (not the trading price today).
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moneyspinner
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03-Jul-2017 09:36     
 
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 Alert Admin 		In the business world where got so clean one?   Everybody is trying to outdo each other to win.   Of course albeit with some calculated risk! 

jeremiah71      ( Date: 03-Jul-2017 09:32) Posted:

This doesn' t look very good to me, I' d have expected some more clarity on what is out there. I doubt that anyone other than the China consortium is in a position to make an informed bid as data has been withheld from other parties. The other question for me is whether SGX/MAS are finally going to grow some b8lls and look at the conflicts of interest that have been here for the whole process, and perhaps also Ming Mei' s frontrunning of unlisted investments that GLP subsequently goes on to buy into as well, while they are at it. 

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Andrewtan18
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03-Jul-2017 09:33     
 
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 Alert Admin 		Chill guys. It is not as if you are bargaining for fish in the market. The dateline is for bidders who are serious to submit a firm proposal. The committee still needs time to study it. There is nothing wrong with the current development, only misguided expectation and a longing for a big bang, rocket shooting reaction to an announcement.
If anyone has borrowed to the hilt to punt on the result then the reaction can be expected. 
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jeremiah71
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03-Jul-2017 09:32     
 
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 Alert Admin 		This doesn' t look very good to me, I' d have expected some more clarity on what is out there. I doubt that anyone other than the China consortium is in a position to make an informed bid as data has been withheld from other parties. The other question for me is whether SGX/MAS are finally going to grow some b8lls and look at the conflicts of interest that have been here for the whole process, and perhaps also Ming Mei' s frontrunning of unlisted investments that GLP subsequently goes on to buy into as well, while they are at it. 
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Siwomp
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03-Jul-2017 09:25     
 
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 Alert Admin 		thowing in my towel...........profit preservation.
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moneyspinner
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03-Jul-2017 09:21     
 
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 Alert Admin 		Market doesn' t like uncertainty!   Deadline has come and gone. The only development is the proposals are in.   Question to ask is what proposals are these?   Straight offers? or some other restructuring proposals?   😳
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MekMiRic
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03-Jul-2017 09:07     
 
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 Alert Admin 		very soft open
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gopguppy
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03-Jul-2017 08:40     
 
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 Alert Admin 		As expected and I mentioned earlier...motherhood statements with standard legal clauses....nothing out of the ordinary. If you are not buying or selling, there is no point wondering how the market wll react or monitor price movements because the bids are already IN.
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