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AttasBoss Elite	23-Jun-2017 09:14        AttasBoss About Contact  Quote this Post!
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Dismiss cookie message Accessibility helpSkip to navigationSkip to contentSkip to footer Sign In Subscribe Financial Times MYFT Financial Times Sign In Global Logistic Properties Ltd Add to myFT Private equity players turn their back on GLP?s landmark asset sale View that ties between chief and private-equity house Hopu make rival bids pointless Ming Mei, co-founder and chief executive officer of Global Logistic Properties, delivers a speech in Singapore © Bloomberg Share on Twitter (opens new window) Share on Facebook (opens new window) Share on Whatsapp (opens new window) 2 Save 3 HOURS AGO by: Henny Sender in Hong Kong and Jeevan Vasagar in Singapore As the June 30 deadline approaches for bids for Global Logistic Properties, among Asia?s most valuable private equity deals, almost all of the potential bidders are dropping out. Private equity groups Blackstone, KKR, RRJ and TPG are among those who have looked at the GLP auction and have decided against making a comprehensive offer, according to eight people involved in the process. The Singapore-listed company has an enterprise value of $19bn. The reluctant bidders are concerned that an insider bid led by GLP?s chief executive Ming Mei with a consortium that includes Fang Fenglei, a director of GLP, and a fund associated with Alibaba?s Jack Ma, will make other submissions pointless, the people said. ?The process is a farce and the most unprofessional I have ever seen,? says a private equity executive. ?No fair play.? Warburg Pincus, which proposes merging GLP with its existing logistics business, is participating in the auction but is considering whether to pull out, according to a person briefed on the matter. The process and number of bidders remains fluid and GLP may choose not to go ahead with the sale, the people said. The complaints put a spotlight on the governance of an Asian company that has the Singapore sovereign wealth fund GIC as its biggest shareholder. Critics are asking whether the powerful investor could have done more to ensure a more robust auction that attracted more bidders and the potential for higher prices. ?GIC expects all our investee companies and their boards to act in accordance with applicable laws and regulations and to have appropriate corporate governance practices,? a GIC spokesperson said. GIC insisted on a public auction and pushed for a special committee of four independent directors to oversee the sale. The chairman of that committee, Seek Ngee Huat, who also chairs GLP?s board, said: ?The objective of the strategic review is to maximise value for all shareholders, which is why we are singularly focused on ensuring that the process is conducted in a fair and independent manner.? The auction is expected to generate proceeds of about $10.5bn. The PE groups? reluctance come at a time when many of them have raised huge funds and are scouring the region for deals. The absence of so many firms largely reflects doubts that they can win this bid, and that it is not worth reviewing assets when they suspect the auction outcome is preordained, several of the people involved in the process said. Read more Chinese mood music towards private equity investors improves Big firms place their bets even as stock market begins to wobble Meanwhile the group led by Mr Mei, the GLP chief executive, is a who?s who of China Inc. In addition to Mr Fang?s vehicle, Hopu, the consortium includes Hillhouse Capital Management, real estate firm China Vanke, JD.com, Ping An Insurance, and a fund that manages money for Mr Ma. Mr Fang is close to Wang Qishan, the member of China?s ruling seven-member Politburo Standing Committee in charge of fighting corruption. Mr Fang is also the titular chairman of Goldman Sachs? joint venture in China. Because all bidders are constrained by non-disclosure agreements, all parties contacted by the Financial Times, including Mr Mei, Hopu and the buyout firms all declined to comment for the record. Mr Fang and Mr Mei have a long history of doing deals together, and their relationship has had a ?chilling effect? on PE firms? bids, according to one specialist who looked at the offer. In 2014, Mr Fang?s Hopu, representing a group of investors, bought 30.2 per cent of the GLP?s China holding company for $2.1bn, translating to one times book value, despite the fact that at the time GLP valued that unit at 1.3 times book value. Moreover, GLP had told investors at the time of its 2010 flotation that they should value China assets at two times book value. The company said at that time that the deal made sense despite the lower price because Mr Fang?s investor group would bring business to GLP. At the time of the 2014 deal, management and employees of GLP were also given the opportunity to buy shares in the unit. Mr Mei bought 46.7m shares in the unit ? worth about $51m at the time ? financed with a loan from the Hopu investor group, according to a GLP circular. GLP shareholders approved the transactions. Mr Mei and Mr Fang have recused themselves both from board discussions and the deliberations of the special committee that was established in December to ensure the asset sale was done at arm?s length to insider interests, GLP said in a regulatory statement. Still, potential bidders said they feared that, even if they bought GLP, they would have trouble controlling its China business because Hopu and company employees own about one-third of that entity. All these dealings ?are examples of how Hopu and top management of GLP are doing things at the expense of GLP shareholders ? including GIC?, says an executive at a PE firm who considered bidding but has since backed out. Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web. Share on Twitter (opens new window) Share on Facebook (opens new window) Share on Whatsapp (opens new window) 2 Save Latest on Global Logistic Properties Ltd Add to myFT Mergers & Acquisitions Asian buyers line up bids for Blackstone?s Logicor warehouse unit Private equity PE groups circle Singapore logistics company Global Logistic Properties deal set to be one of Asia?s most valuable buyouts Mergers & Acquisitions Warburg leads move on Asia warehouse group GLP Buyout group setting up consortium for bid as it looks to gain from rise of ecommerce Special Reports Special Report Brexit bonus for students seeking worldwide financial careers UK schools benefit as sterling?s fall boosts applications Special Report Race to zero: India?s fight against elephantiasis Household by household, person by person, an army of health workers is trying to rid India of an ancient and disfiguring disease Latest in Financial Services Add to myFT Analysis Financial Services China probe shines light on top dealmakers Private groups that gobbled up overseas assets will now be examined more closely Financial Commentary Home Capital/Buffett: Canada why Premium Another sweetheart deal for the Opportunist of Omaha Banks Edmond de Rothschild?s Luxembourg arm fined nearly ?9m in case linked to 1MDB Follow the topics mentioned in this article Private equity Add to myFT Companies Add to myFT Financial Services Add to myFT Fang Fenglei Add to myFT Asia-Pacific Companies Add to myFT Follow the authors of this article Jeevan Vasagar Add to myFT Henny Sender Add to myFT Take a tour of myFT Support View Site Tips Feedback Help Centre About Us Accessibility Legal & Privacy Terms & Conditions Privacy Cookies Copyright Slavery Statement Services Tools More from the FT Group Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2017. 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beltrance Senior	23-Jun-2017 09:12        beltrance About Contact  Quote this Post!
x 0   x 1  Alert Admin	Most probably SimpleTrade      ( Date: 23-Jun-2017 09:09) Posted: BB fighting for the controlling share, or speculative players making their last round ?
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gopguppy Veteran	23-Jun-2017 09:12        gopguppy About Contact  Quote this Post!
x 0   x 0  Alert Admin	Can someone send me the FT news? I do not subscribe to FT. Tks. us9392      ( Date: 23-Jun-2017 08:20) Posted: This may have a short term negative impact. We all have to wait for GLP management to comment. If nothing said, then the bidding will still proceed until 30 June deadline. I can smell a wift of jealousy from PE unable to muster enough firepower to make reasonable challenge to the Chinese consortium. Hence the early giving-up and bad mouthing the whole process. Notice the FT writing was particularly timed to cause anxiety and may have a hidden agenda........DYOHW
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InvestNotTrade Senior	23-Jun-2017 09:12        InvestNotTrade About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "seekingprivatereturns.blog"
x 0   x 0  Alert Admin	Anyone can post the full article
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lglg666 Supreme	23-Jun-2017 09:11        lglg666 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just look like a case of sour grapes? These people are so childish....really 🙈 us9392      ( Date: 23-Jun-2017 08:20) Posted: This may have a short term negative impact. We all have to wait for GLP management to comment. If nothing said, then the bidding will still proceed until 30 June deadline. I can smell a wift of jealousy from PE unable to muster enough firepower to make reasonable challenge to the Chinese consortium. Hence the early giving-up and bad mouthing the whole process. Notice the FT writing was particularly timed to cause anxiety and may have a hidden agenda........DYOHW
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FATABA Supreme	23-Jun-2017 09:11        FATABA About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Can someone kindly cut and paste here....Many thansk   investshare      ( Date: 23-Jun-2017 08:16) Posted: Should trading halt. Serious accusation on governance issue, company has to answer that. investshare      ( Date: 23-Jun-2017 08:08) Posted: This is bad
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SimpleTrade Senior	23-Jun-2017 09:09        SimpleTrade About Contact  Quote this Post!
x 0   x 0  Alert Admin	BB fighting for the controlling share, or speculative players making their last round ?
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moneyspinner Veteran	23-Jun-2017 09:09        moneyspinner About Contact  Quote this Post!
x 1   x 0  Alert Admin	Sale of GLP can still proceed if a reasonable offer is made by the Chinese consortium.
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beltrance Senior	23-Jun-2017 09:08        beltrance About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yeah strongly considering too lglg666      ( Date: 23-Jun-2017 09:06) Posted: Last chance to load up again.....👍
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lglg666 Supreme	23-Jun-2017 09:06        lglg666 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Last chance to load up again.....👍
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beltrance Senior	23-Jun-2017 09:04        beltrance About Contact  Quote this Post!
x 0   x 0  Alert Admin	Crazy high volume, let's not panic
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AndyLoss Master	23-Jun-2017 08:58        AndyLoss About Contact  Quote this Post!
x 0   x 0  Alert Admin	will open lower today... us9392      ( Date: 23-Jun-2017 08:20) Posted: This may have a short term negative impact. We all have to wait for GLP management to comment. If nothing said, then the bidding will still proceed until 30 June deadline. I can smell a wift of jealousy from PE unable to muster enough firepower to make reasonable challenge to the Chinese consortium. Hence the early giving-up and bad mouthing the whole process. Notice the FT writing was particularly timed to cause anxiety and may have a hidden agenda........DYOHW
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us9392 Member	23-Jun-2017 08:20        us9392 About Contact  Quote this Post!
x 0   x 0  Alert Admin	This may have a short term negative impact. We all have to wait for GLP management to comment. If nothing said, then the bidding will still proceed until 30 June deadline. I can smell a wift of jealousy from PE unable to muster enough firepower to make reasonable challenge to the Chinese consortium. Hence the early giving-up and bad mouthing the whole process. Notice the FT writing was particularly timed to cause anxiety and may have a hidden agenda........DYOHW
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investshare Supreme	23-Jun-2017 08:16        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Should trading halt. Serious accusation on governance issue, company has to answer that. investshare      ( Date: 23-Jun-2017 08:08) Posted: This is bad. joshlai86      ( Date: 23-Jun-2017 07:35) Posted: This doesn't look promising. Private equity players turn their back on GLP?s landmark asset sale View that ties between chief and private-equity house Hopu make rival bids pointless https://www.ft.com/content/54c1a914-54a3-11e7-9fed-c19e2700005f
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investshare Supreme	23-Jun-2017 08:08        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	This is bad. joshlai86      ( Date: 23-Jun-2017 07:35) Posted: This doesn't look promising. Private equity players turn their back on GLP?s landmark asset sale View that ties between chief and private-equity house Hopu make rival bids pointless https://www.ft.com/content/54c1a914-54a3-11e7-9fed-c19e2700005f
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joshlai86 Veteran	23-Jun-2017 07:35        joshlai86 About Contact  Quote this Post!
x 0   x 0  Alert Admin	This doesn't look promising. Private equity players turn their back on GLP?s landmark asset sale View that ties between chief and private-equity house Hopu make rival bids pointless https://www.ft.com/content/54c1a914-54a3-11e7-9fed-c19e2700005f
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pool100 Veteran	23-Jun-2017 02:47        pool100 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I' m looking at between $3.80-4.00 for final offer for GLP. Believe it will end up being a fierce bidding war between chinese and american conglomerates. And trust me, the chinese will not let this go without a fight. There is too much at stake here. AndyLoss      ( Date: 22-Jun-2017 23:09) Posted: GLP should be higher than UE ... for UE some are expecting 3.8 to 4 ... so GLP should be 4 and above I guess... :) FATABA      ( Date: 22-Jun-2017 22:24) Posted: Officially 5 more trading days to end June....:) and as expected....it has touch $3. More to come ...good luck to investor. :)
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AndyLoss Master	22-Jun-2017 23:09        AndyLoss About Contact  Quote this Post!
x 0   x 0  Alert Admin	GLP should be higher than UE ... for UE some are expecting 3.8 to 4 ... so GLP should be 4 and above I guess... :) FATABA      ( Date: 22-Jun-2017 22:24) Posted: Officially 5 more trading days to end June....:) and as expected....it has touch $3. More to come ...good luck to investor. :)) lglg666      ( Date: 22-Jun-2017 17:13) Posted: Wow.....it's able to close at its high for the day $3 level with high volume during pre-closing. Now can look forward how it'll trade tomorrow. For UE, seem like not able to sustain at the $2.80 level and closing at $2.78 which is still nice to see.
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FATABA Supreme	22-Jun-2017 22:24        FATABA About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Officially 5 more trading days to end June....:) and as expected....it has touch $3. More to come ...good luck to investor. :)) lglg666      ( Date: 22-Jun-2017 17:13) Posted: Wow.....it's able to close at its high for the day $3 level with high volume during pre-closing. Now can look forward how it'll trade tomorrow. For UE, seem like not able to sustain at the $2.80 level and closing at $2.78 which is still nice to see. lglg666      ( Date: 22-Jun-2017 12:00) Posted: Touched the $3 level now.....what next then? This is getting exciting now
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lglg666 Supreme	22-Jun-2017 17:13        lglg666 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wow.....it's able to close at its high for the day $3 level with high volume during pre-closing. Now can look forward how it'll trade tomorrow. For UE, seem like not able to sustain at the $2.80 level and closing at $2.78 which is still nice to see. lglg666      ( Date: 22-Jun-2017 12:00) Posted: Touched the $3 level now.....what next then? This is getting exciting now. lglg666      ( Date: 21-Jun-2017 19:55) Posted: One more cent and it'll be $3 level......noticed that the buyers' Q is more than the sellers' Q. That's a good sign showing that more buyers than sellers in the market.
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