Philippines' ICTSI extends closing date of Portek offer

The Philippines’ International Container Terminal Services Inc (ICTSI) (ICT.PS) said on Wednesday it was extending the closing date of its takeover offer to Singapore’s Portek International (PKIL.SI) by more than two weeks, as it evaluates its options after a rival bid by Japan’s Mitsui & Co.

ICTSI’s cash offer of S$1.20 for each Portek share, initially set to close on Wednesday, now runs until August 10. It said in a regulatory filing that the terms of its original offer remained unchanged.

Last week, trading house Mitsui & Co. (8031.T) said Portek’s majority owners, who control 51.3% of the port operator, had forged an irrevocable agreement to accept its offer of $221 million , or $1.40 per share, higher than ICTSI’s bid.

 

ICTSI, a US$2.4-billion ($2.9 billion) Manila-based port firm with operations in 17 countries, already controls about 17% of Portek.

 

But as of July 18, Mitsui had increased its Portek shareholdings to 14.16% from 5.61%, according to a disclosure by Portek to Singapore’s stock exchange.

 

Portek operates and manages ports in Indonesia, Algeria, Malta, Gabon and Rwanda.

 

Shares of ICTSI closed 1.75% higher on Wednesday, paring its gains after hitting a new peak of 58.50 pesos ($1.659) in intraday trades, as the broader market <.PSI> gained 0.5%, extending a record-breaking rally.

 

Portek gained 0.4% while Mitsui was up 0.1%.