Global Logistic Properties (GLP), which was bought by a Chinese consortium for S$16 billion, on Friday said its independent financial adviser has deemed a proposed privatisation to be fair and reasonable.
"... from a financial point of view, the scheme consideration is fair and reasonable. Accordingly, we advise the independent directors to recommend Shareholders to vote in favour of the scheme," GLP's independent financial adviser Evercore said.
Accepting Evercore's recommendation, GLP's independent directors said that shareholders should approve the proposed scheme.
For the scheme to become to be approved, shareholders supporting the scheme must represent a majority in number of the shareholders present at the meeting and hold at least 75 percent of shares present at the meeting.
Singapore sovereign wealth fund GIC, the company's single largest shareholder with a 36.84 percent interest, has already agreed to support the bid.
Earlier this month, GLP said it received SGX approval to delist the company by April 14, 2018.
GLP, which has a $41 billion property portfolio, provides facilities in China, Japan, U.S. and Brazil. Its customers include Adidas, Coca-Cola, Loreal among others.
Shares in Global Logistic Properties rose 0.9 percent to S$3.32 on the Singapore Exchange. The stock has gained 51 percent so far this year.
