KKR, Blackstone, RRJ and TPG dropping out of race for GLP, says FT

SINGAPORE (June 23): Almost all the potential bidders for Global Logistic Properties are dropping out as the June 30 deadline approaches, reported The Financial Times.

Private equity groups Blackstone, KKR, RRJ Capital and TPG are among those that have decided against making a comprehensive offer, people involved in the process told FT.

“The reluctant bidders are worried 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,” FT quoted the people as saying.

---

Related Stories

• Hong Kong's first de-spac listing still leaves sector in limbo
• SGX launches depository receipts for five Hong Kong stocks, including Alibaba, BYD
• Blackstone Asia tactical opportunities founding member Menes Chee retires after 15 years

---