GIC backs Nesta on its GLP bid

The cash consideration is $3.38 per share.

GIC expressed its support to Nesta Investment Holdings as the latter proposes acquiring all the shares in Global Logistics Properties.

Nesta is owned by a consortium comprising HOPU, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke. In November 2016, GIC requested GLP undertake a strategic review of its business to enhance shareholder value.

"Following our request, the GLP Board established a Special Committee of independent directors to lead, manage and oversee the independent Strategic Review. As a major shareholder whose interest is aligned with all shareholders of GLP, GIC’s expectations have always been that the Strategic Review process conducted by GLP must be fair, robust and transparent, so as to maximise value for all shareholders," GIC said in a statement.

Nesta is expected to undertake the acquisition by way of the scheme, at a cash consideration of $3.38 per GLP share.

"GIC has provided an undertaking to Nesta to vote in favour of the Scheme in respect of its aggregate shareholding interest of 36.84% in GLP at the Scheme Meeting, on and subject to the terms stated in the Joint Announcement," GIC said.