SINGAPORE (July 17): UOB KayHian is recommending take up Nesta Investment’s offer to privatise Global Logistic Properties as it is above the brokerage’s target price of $2.75 and the offer premium is also in line with past property privatisations.
The offer price of $3.38/share, at a 25% upside to the closing price of $2.70 on July 12, is 1.3x GLP’s book value of $2.60/share and at parity to its RNAV of $3.39/share.
See: Global Logistic Properties receives $3.38/share offer from Hopu-Hillhouse consortium; values company at $16 bil
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