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’ full-value estimate of around $3.06 a share, according to a person involved.
By going with management, GLP, one of the world’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.
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