PE firms Blackstone, KKR, RRJ and TPG have backed out of bidding for Global Logistics Properties (GLP) amid concerns that an insider bid by a consortium led by GLP CEO Ming Mei and including director Fang Fenglei and a fund associated with Alibaba’s Jack Ma may render the process pointless, the Financial Times reported on Friday. The report added that another potential bidder, PE firm Warburg Pincus is also learnt to be contemplating if it should pull out.
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