Bid to snap up GLP could be Asia's biggest buyout

Three private private equity groups are working on bids for the warehouse operator.

According to a report from Bloomberg, Blackstone Group LP is considering going head-to-head with a Warburg Pincus consortium and a Chinese group backed by existing GLP investors, the people said, asking not to be identified because the deliberations are confidential.

Since Bloomberg News first reported takeover interest in GLP, the company’s shares have soared 46%, valuing it at $11.3b including debt. At that level, a purchase of the industrial property owner would be the largest-ever buyout of an Asian company, surpassing last year’s takeover of Qihoo 360 Technology Co., data compiled by Bloomberg show. Private equity firms flush with capital have been rushing to bid for the rare opportunities in Asia that offer control. Such investors have shown a willingness to pay top dollar in recent months, beating out strategic bidders for both Hong Kong internet provider Wharf T&T Ltd. and share registry Tricor Holdings Ltd. in October.

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