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GLP replaces financial adviser for S$16B buyout offer due to independence issue

Global Logistic Properties Ltd. is replacing Australia and New Zealand Banking Group Ltd.'s Singapore branch as its financial adviser for the S$16 billion standing offer to take the company private.

The bank, hired July 24, will be replaced by Evercore Asia (Singapore) Pte. Ltd., after the Securities Industry Council of Singapore ruled that the financial ties of an ANZ entity based outside Singapore with a member of the Nesta Investment Holdings Ltd. consortium was significant enough. The council said, after ANZ sought clarification, that the bank's corporate advisory division is not in a position to qualify as an independent financial adviser.

Evercore will release its recommendation on the S$3.38-per-GLP-share offer in due course, according to a filing.

As of Aug. 2, US$1 was equivalent to S$1.36.