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On 14 July 2017, GLP and Nesta Investment Holdings Limited ("the Offeror") jointly announced a proposed scheme of arrangement for the Offeror to acquire all the issued and paid-up shares of GLP at S$3.38 cash per share, with the intention to delist and privatize GLP. The Offeror is owned by a consortium comprising HOPU, Hillhouse Capital, SMG, which is owned by GLP's CEO Ming Mei, Bank of China Group Investment and Vanke.
The proposed transaction marks the conclusion of the independent Strategic Review, first announced on 1 December 2016, which led to the receipt of firm proposals on 30 June 2017. The Strategic Review was overseen by the Special Committee of the Board of Directors of GLP, comprising four independent directors, focused on maximizing value for all shareholders.
The Company has been providing regular updates on the Strategic Review. The relevant announcements (including the Joint Announcement) can be found below.
Shareholders are advised to refrain from taking any action in relation to their shares which may be prejudicial to their interests until they or their advisers have considered the information set out in the Scheme Document, which is expected to be dispatched to shareholders in due course.
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