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SINGAPORE (Reuters) - Global Logistic Properties Ltd said on Monday it had received "firm proposals" from shortlisted bidders, days after sources told Reuters that suitors had narrowed to a management-backed Chinese consortium and a group led by Warburg Pincus.
The $10 billion-valued firm is Asia's biggest warehouse operator, with clients including Amazon.com Inc and JD.com Inc, and is benefiting from rising demand for modern logistics facilities driven by a boom in e-commerce.
"The Special Committee is now conducting an in-depth and independent review of all terms of the proposals in consultation with the Company's external advisers," Singapore-listed GLP said in a statement, without providing details.
"The company wishes to reiterate that there remains no certainty that any definitive transaction will materialise from, or that any offer will be made as a result of, any proposals received or the strategic review."
GLP's shares eased 0.4 percent to S$2.85 in early Monday trade. At the current valuation, a transaction would rank as Asia's largest buyout by private equity groups.
Friday was the deadline for parties to submit second-round bids.
Concerns over the transparency of the sale process and business ties of the management-backed consortium forced some potential bidders to re-evaluate their interest, sources said.
Last month, GLP said it was in discussions with shortlisted bidders and had taken measures to alleviate potential conflicts of interest.
Analysts said a smaller number of bids would likely affect the winning price for the company.
"Our take on GLP has long been that the company is worth substantially more than its stated book value of S$2.59 ... because of its network of properties in China, which simply cannot be replicated in the medium-term," analyst Daniel Hellberg wrote on independent research platform Smartkarma last week.
Hellberg said a smaller number of bidders likely means the winning bid may end up being closer to S$3.0 per share versus his target price of at least S$3.5.
Late last year, Singapore sovereign wealth fund GIC Pte Ltd, which owns 37 percent of the warehouse operator, requested GLP start a strategic review of its business. GLP then hired JPMorgan as financial adviser.
GIC declined comment on GLP's latest statement.
Reporting by Anshuman Daga and Clara Ferreira Marques; Editing by Stephen Coates and Christopher Cushing