J9九游会

J9九游会宣布私有化要约 CEO梅志明联合中国财团进行股权收购

发布时间:2017-07-14

For Immediate Release

中文翻译版本仅作为参考,应以英文版本为准

PROPOSED PRIVATIZATION OF GLP

J9九游会宣布私有化要约 CEO梅志明联合中国财团进行股权收购

All capitalized terms which are used in this press release but not otherwise defined herein shall have the meanings ascribed to them in the Joint Announcement dated 14 July 2017. This press release should be read in conjunction with the Joint Announcement, a copy of which is available on
本新闻稿中使用的但未另行定义的所有黑体字显示的术语具有2017年7月14日的《联合公告》赋予其的含义。本新闻稿应结合《联合公告》一并释读,可从获取《联合公告》的副本。

  • Offer of S$3.38 in cash per share represents 81% premium over 12-month VWAP and exceeds highest ever closing price since listing
    每股 3.38新加坡元的收购价格,比过去12个月的成交量加权平均股价高出81%,并高过其上市以来的最高收盘价
  • Proposed privatization will be effected by way of a scheme of arrangement; Irrevocable undertaking from major shareholder GIC to vote in favor
    拟通过协议安排的方式进行私有化;主要股东新加坡政府投资公司 GIC已做出不可撤销的承诺为其私有化交易投赞成票
  • Independent Directors of GLP made a preliminary recommendation to shareholders to vote in favor of the Scheme, after considering a variety of factors
    在考虑多种因素后,J9九游会的独立董事初步建议股东投票赞成该协议
  • Proposed Scheme is considered superior due to price certainty, limited conditionality and a defined completion timeframe
    基于价格确定性、有限的收购条件和明确的交易完成时间表,拟议协议被认为更为优越

Singapore, 14 July 2017 – Nesta Investment Holdings Limited (the “Offeror”) and Global Logistic Properties Limited (“GLP” or the “Company”) today jointly announced (the “Joint Announcement”) the proposed acquisition of all the issued and paid-up ordinary shares in the capital of GLP (excluding treasury shares), by the Offeror, which is a wholly-owned subsidiary of Nesta Investment Holdings MidCo Limited (“MidCo”). MidCo is owned by a consortium (the “Consortium”) comprising HOPU, Hillhouse Capital, SMG, BOCGI and Vanke.

新加坡,2017年7月14日 – Nesta Investment Holdings Limited(下称“要约方”)和J9九游会公司(下称“J9九游会”或“公司”)今日联合宣布(下称“联合公告”),要约方拟认购J9九游会的所有已发行和实缴的普通股(不包括库存股)。要约方系Nesta Investment Holdings MidCo Limited(下称“MidCo”)的全资子公司。Midco由厚朴基金、高瓴资本、SMG、中银投资和万科组成的财团(下称“财团”)所有。

The proposed acquisition will be effected by way of a scheme of arrangement (the “Scheme”) in compliance with the Singapore Code on Take-overs and Mergers. The Offeror intends to delist and privatize the Company.
拟议收购将按照《新加坡收购与兼并守则》通过协议安排(下称“协议”)的方式进行。要约方拟将公司在新加坡退市,进行私有化。

Overview of the Transaction

交易概述

The Scheme Consideration is S$3.38 cash per share (“Scheme Consideration”), valuing the company at approximately S$16 billion, on an equity value basis, and representing premiums of approximately:
协议对价为每股3.38新加坡元(下称“协议对价”)。根据资产价值,公司估值约为160亿新加坡元,溢价情况大致如下:

  • 64% over the last undisturbed share price1
  • 67% over the 1-month volume weighted average price (“VWAP”) per share2;
  • 72% over the 3-month VWAP per share2;
  • 76% over the 6-month VWAP per share2;
  • 81% over the 12-month VWAP per share2;
  • 8% over highest ever closing share price on 24 October 2013 and 15 November 2013;
  • 25% over closing price on 12 July 2017, being the last full trading day immediately prior to the Joint Announcement Date; and
  • 30% over the net asset value per share as of 31 March 20173;
  • 比最后不受干扰的股价高出64%1;
  • 比过去1个月的成交量加权平均股价高出67%2;
  • 比过去3个月的成交量加权平均股价高出72%2;
  • 比过去6个月的成交量加权平均股价高出76%2;
  • 比过去12个月的成交量加权平均股价高出81%2;
  • 比2013年10月24日和2013年11月15日的历史最高收盘价高出8%;
  • 比2017年7月12日(即联合公告日之前的最后一个全天交易日)的收盘价高出25%;且
  • 比截至2017年3月31日的每股资产净值高出30%3;

The Scheme Consideration will not be reduced by the proposed dividend4of S$0.06 per share announced on 19 May 2017.

2017年5月19日公布的每股0.06新加坡元的拟议派息4不会从协议对价中扣除。

The proposed acquisition is not conditional on any of the Antitrust Approvals, the approval from the Committee on Foreign Investment in the United States (CFIUS), the Third Party Consents and Fund Management Consents being obtained.

拟议收购的收购条件不包括反垄断审批、美国外国投资委员会(CFIUS)的批准、第三方同意和基金管理公司同意。

Overview of the Strategic Review

战略性评估概述

The Joint Announcement 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.

公司首先于2016年12月1日宣布进行独立的战略性评估,并于2017年6月30日收到了确定的提案。今日联合公告的发布标志着独立战略性评估的完成。

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.

由四名独立董事组成的J9九游会董事会专门委员会对战略性评估进行监督,专注于使所有股东价值最大化。

The Special Committee evaluated the proposals received, taking into consideration a number of factors including price, level of execution risk and expected completion timeframe. After conducting an in-depth and independent review and evaluation of the proposals received, the Special Committee, in consultation with its financial adviser and legal adviser, had recommended the Offeror as the preferred bidder. The proposed Scheme is considered superior due to its (i) price certainty at significant premiums to historical prices; (ii) greater degree of deal certainty due to the limited conditionality of the bid; and (iii) would likely be completed within a defined timeframe which would reduce execution risk. Such recommendation was accepted by the Board of Directors of GLP.

专门委员会对收到的所有提案进行了审查并考虑了多种因素,包括要约价格、执行风险和预期完成时间表。专门委员会在财务顾问和法律顾问的协助下,对收到的提案进行深入和独立的审查及评估后,建议将要约方列为优先竞购者。基于以下因素,拟议协议被认为更为优越:(i)要约价格显着高于历史股价;(ii)收购条件有限,极大提高了交易的确定性;及(iii)有望在明确的期限内完成交易,降低了执行风险。J9九游会的董事会已接受前述建议。

The Directors of GLP who are considered independent for the purposes of the Scheme (the “Independent Directors”) have received an opinion from GLP’s financial adviser on the Scheme Consideration. The Independent Directors concur with the financial adviser’s opinion that the Scheme Consideration is fair, from a financial point of view, to the shareholders. The Independent Directors’ preliminary recommendation is that shareholders vote in favor of the Scheme.

为协议之目的被视为具有独立性的J9九游会董事(下称“独立董事”)已收到了J9九游会财务顾问就协议对价出具的意见。独立董事同意财务顾问的意见,认为从财务的角度,协议对价对股东是公平的。独立董事初步建议股东投票赞成该协议。

The Company will appoint an independent financial adviser (the “IFA”) to advise the Independent Directors for the purposes of making a recommendation to shareholders in connection with the Scheme. Details of the Scheme including the Independent Directors’ final recommendation on the Scheme and the IFA’s advice will be included in the Scheme Document, expected to be dispatched to shareholders in due course.

公司将任命一位独立财务顾问向独立董事提供意见,以便独立董事向股东提供有关协议的建议。独立董事关于协议的最终建议、独立财务顾问意见以及其他协议细节将被归入协议文件中,将在适当的时候发送给股东。

Dr. Seek Ngee Huat, Chairman of GLP’s Board, Chairman of the Special Committee, and Independent Director, said: “The Special Committee, with guidance from our financial adviser J.P. Morgan and legal adviser Allen & Gledhill, conducted an in-depth and independent review in order to achieve the optimal result for all shareholders. After an extensive evaluation of all final proposals received, the Special Committee decided on the proposed Scheme, which we believe is compelling and value-enhancing for all shareholders. We are pleased to announce this Scheme for our shareholders’ consideration.”

J9九游会董事会主席,专门委员会主席兼独立董事薛义华博士表示:“专门委员会在财务顾问J.P. Morgan和法律顾问Allen & Gledhill的协助下,开展了深入和独立的评估,为所有股东争取最佳的结果。专门委员会在对收到的所有最终提案综合评估后,选定了拟议协议。专门委员会认为该协议具吸引力并能提升所有股东价值。J9九游会很高兴宣布该协议以供股东考虑。”

Scheme Meeting

股东大会

Details of the Scheme Meeting to be convened will be contained in the Scheme Document which is expected to be dispatched to shareholders in due course.

即将召开的股东大会详情将归入协议文件中,将在适当的时候派发给股东。

The Scheme will require, among others, approvals from the following:

协议需获得以下各方的批准:

  • More than 50% of the number of shareholders representing at least 75% in value of the shares held by shareholders present and voting in person or by proxy at the Scheme Meeting; and
  • 亲自出席股东大会或通过代理人表决的股东中,股东人数超过50%且其持有股票不少于所有表决股份的75%;及
  • The High Court of Singapore.
  • 新加坡高等法院。

The Offeror and its concert parties will be required to abstain from voting.

要约方及其协同控股人需放弃表决。

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.

在股东或其顾问考虑协议文件列载的信息之前,公司建议股东不要就其持有的公司股票采取任何可能有损其权益的行为。

Irrevocable Undertaking

不可撤销的承诺

GIC, as the single largest shareholder of the Company with a 36.84% stake, requested the independent Strategic Review at the end of 2016, and has provided an irrevocable undertaking to the Offeror to vote in favor of the Scheme on and subject to the terms set out in the Joint Announcement.

公司的单一最大股东新加坡政府投资公司 GIC 的持股比例为36.84%,其于2016年底要求进行独立的战略性评估,并根据联合公告载明的条款向要约方做出了不可撤销的承诺,表明其将投票赞成协议。

If shareholders approve the Scheme at the Scheme Meeting and subject to the satisfaction of the other Scheme conditions, the transaction is expected to be completed on or before 14 April 20185.

如果股东在股东大会上批准协议,并且满足协议载明的其他条件,交易预计将在2018年4月14日或之前完成5



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