By P.R. Venkat
SINGAPORE--Warehousing giant Global Logistic Properties Ltd. said Friday that it has received bids from various parties to buy the Singapore-listed firm, including two of its top executives.
GLP, which currently has a market capitalization of $8.9 billion, was requested in December for a strategic review of the company's options by its biggest shareholder, Singapore sovereign-wealth fund GIC Pte. Ltd. GIC owns 37% of GLP.
The logistics firm had appointed J.P. Morgan Chase & Co. to conduct the review and the investment bank had last month sought initial non-binding offers from interested parties. The were due early February.
In a statement to the Singapore stock exchange, GLP said the company's chief executive, Ming Z. Mei, and non-executive director, Fang Fenglei, are among those interested parties that are partnering with firms that have submitted the bids.
GLP didn't name any other parties. People familiar with the situation said that the bidders included global private-equity firms.
GLP said that both the executives had recused themselves from all board discussions and decisions relating to the strategic review.
GLP is one of the world's largest warehousing and distribution companies, growing in recent years through a series of acquisitions such as an $8.1 billion purchase, with GIC, of U.S. industrial-property owner IndCor from Blackstone Group LP.
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(END) Dow Jones Newswires
February 03, 2017 05:23 ET (10:23 GMT)
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