Japan's Mitsui & Co has trumped International Container Terminal Services, Inc's (ICTSI) bid for Portek International, Seatrade Asia online reports.Nomura, acting on behalf of Mitsui, announced on Wednesday an offer price of S$1.40 in cash per share by Mitsui, beating ICTSI's offer of S$1.20 per share. ICTSI's offer bid price is already a 16.7% premium over Singapore-listed Portek's benchmark price as at 11 July.
Total consideration for the offer from Mitsui is approximately S$221m ($180.4m) for 100% equity interest, based on all issued shares as at 12 July. A majority of Portek's shareholders owning 51.25% of the company have agreed to accept the offer.
“The acquisition of the offeree (Portek) represents a unique opportunity for the offeror's transportation logistics business unit as it seeks to develop an effective logistics infrastructure and logistics network mainly in emerging countries including Asia, Central America, South America and Africa,” Mitsui explained.
Mitsui added that it will review Portek's businesses and assets with a view to optimise business strategy, and that it will retain substantially all of the senior management team and other employees.
The Mitsui offer will be open for acceptance by Portek shareholders for at least 28 days.
Total consideration for the offer from Mitsui is approximately S$221m ($180.4m) for 100% equity interest, based on all issued shares as at 12 July. A majority of Portek's shareholders owning 51.25% of the company have agreed to accept the offer.
“The acquisition of the offeree (Portek) represents a unique opportunity for the offeror's transportation logistics business unit as it seeks to develop an effective logistics infrastructure and logistics network mainly in emerging countries including Asia, Central America, South America and Africa,” Mitsui explained.
Mitsui added that it will review Portek's businesses and assets with a view to optimise business strategy, and that it will retain substantially all of the senior management team and other employees.
The Mitsui offer will be open for acceptance by Portek shareholders for at least 28 days.