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SINGAPORE (Reuters) - Global Logistic Properties (GLP), Asia's biggest warehouse operator, said it had agreed to be acquired by a Chinese private equity consortium backed by senior GLP executives for roughly S$16 billion ($11.6 billion).
The deal is set to be Asia's largest buyout by a private equity group.
"After an extensive evaluation of all final proposals received, the Special Committee decided on the proposed Scheme, which we believe is compelling and value-enhancing for all shareholders," Seek Ngee Huat, chairman of GLP's Board said in a statement.
The Chinese group is offering S$3.38 in cash per share, representing 81 percent premium over its 12-month volume weighted average price.
The proposed acquisition will be done by way of a scheme of arrangement and the Chinese group plans to delist and take the Singapore-listed firm private.
($1 = 1.3733 Singapore dollars)
(Reporting by Anshuman Daga; Editing by Edwina Gibbs)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)