International Container Terminal Services Inc., the country’s biggest port operator, is rethinking its plan to acquire a Singapore-based port operator after a Japanese trading company made a higher offer.
ICTSI told the Philippine Stock Exchange Thursday that it was studying its options on its bid to acquire Portek International Ltd. after Mitsui & Co. Ltd. offered to buy Portek shares at S$1.4 apiece, a 17 percent premium over ICTSI’s S$1.20 bid.
“We are evaluating all the possible options to determine what is best for our shareholders,” ICTSI finance manager Arthur Tabuena said in a phone interview.
He said ICTSI’s offer to buy the remaining shares of Portek for S$171 million through its wholly-owned subsidiary ICTSI Far East still stood as of July 14.
“We have not withdrawn it,” Tabuena said.
He said part of the options include giving up its plans to fully acquire Portek and keep its current 16.79 percent ownership, match or exceed Mitsui’s offer, or sell its shares in the Singaporean port operator to the Japanese company.
“Those are all part of our options,” Tabuena said.
Portek, listed in Singapore Exchange, operates and manages eight medium-sized container and multipurpose terminals in Indonesia, Algeria, Malta and Gabon and a dry port in Rwanda.
Mitsui, which has a market capitalization of around $32 billion, said on July 13 that it had received irrevocable undertakings from the owners of 51.29 percent of Portek shares. The offer, which will be open for acceptance from late July to end-August, is approximately S$221 million for 100 percent equity interest.
“Following the successful close of the Offer, Mitsui will review the businesses and assets of Portek with a view to determining the optimal business strategy for the Company,” Mitsui said.
It said once the deal was finalized, it would consolidate the operations and businesses of Portek within the Mitsui group.
Mitsui owns and operates infrastructure businesses such as electric power, water treatment and supply and transportation logistics in America, Europe, the Middle East, Africa and Asia Pacific.
Mitsui’s shares climbed 2 percent to ¥1,459 per share Thursday at the Tokyo Stock Exchange.
ICTSI rose 3 percent to P54.95 from P53.50 Wednesday.
ICTSI told the Philippine Stock Exchange Thursday that it was studying its options on its bid to acquire Portek International Ltd. after Mitsui & Co. Ltd. offered to buy Portek shares at S$1.4 apiece, a 17 percent premium over ICTSI’s S$1.20 bid.
“We are evaluating all the possible options to determine what is best for our shareholders,” ICTSI finance manager Arthur Tabuena said in a phone interview.
He said ICTSI’s offer to buy the remaining shares of Portek for S$171 million through its wholly-owned subsidiary ICTSI Far East still stood as of July 14.
“We have not withdrawn it,” Tabuena said.
He said part of the options include giving up its plans to fully acquire Portek and keep its current 16.79 percent ownership, match or exceed Mitsui’s offer, or sell its shares in the Singaporean port operator to the Japanese company.
“Those are all part of our options,” Tabuena said.
Portek, listed in Singapore Exchange, operates and manages eight medium-sized container and multipurpose terminals in Indonesia, Algeria, Malta and Gabon and a dry port in Rwanda.
Mitsui, which has a market capitalization of around $32 billion, said on July 13 that it had received irrevocable undertakings from the owners of 51.29 percent of Portek shares. The offer, which will be open for acceptance from late July to end-August, is approximately S$221 million for 100 percent equity interest.
“Following the successful close of the Offer, Mitsui will review the businesses and assets of Portek with a view to determining the optimal business strategy for the Company,” Mitsui said.
It said once the deal was finalized, it would consolidate the operations and businesses of Portek within the Mitsui group.
Mitsui owns and operates infrastructure businesses such as electric power, water treatment and supply and transportation logistics in America, Europe, the Middle East, Africa and Asia Pacific.
Mitsui’s shares climbed 2 percent to ¥1,459 per share Thursday at the Tokyo Stock Exchange.
ICTSI rose 3 percent to P54.95 from P53.50 Wednesday.