Making things even juicier is the fact that the only other bidder last week was… you guessed it: The proposed sale of Singapore-based warehouse operator Global Logistic Properties (GLP) has hit a snag due to concerns about the future control of its Chinese assets. GLP is in talks with several potential buyers including Hong Kong’s Cheung Kong Infrastructure Holdings and China’s Anbang Insurance Group, according to people familiar with the matter. One bidder, Warburg Pincus, is worried about a 2014 deal that sold around a third of GLP's China business to a group including CEO Ming Mei and Beijing's Hopu Investment Management, which effectively allows this group a veto over certain areas of GLP. Furthermore, the other bidder is another group fronted by Mei and Hopu. Investors are concerned that terms relating to the sale of the stake were not fully disclosed.
The proposed sale of Singapore-based warehouse operator Global Logistic Properties (GLP) has hit a snag due to concerns about the future control of its Chinese assets. GLP is in talks with several potential buyers including Hong Kong’s Cheung Kong Infrastructure Holdings and China’s Anbang Insurance Group, according to people familiar with the matter. One bidder, Warburg Pincus, is worried about a 2014 deal that sold around a third of GLP's China business to a group including CEO Ming Mei and Beijing's Hopu Investment Management, which effectively allows this group a veto over certain areas of GLP. Furthermore, the other bidder is another group fronted by Mei and Hopu. Investors are concerned that terms relating to the sale of the stake were not fully disclosed.