The Philippines’ International Container Terminal Services Inc (ICTSI) (ICT.PS) said on Thursday it was studying its options on its takeover bid for Singapore’s Portek International (PKIL.SI) after Japan’s Mitsui & Co (8031.T) gave a higher offer.
Mitsui said on Wednesday it had an agreement to acquire majority control of Portek after launching a $221 million bid for the port operator, offering a price of $1.40 per share, higher than ICTSI’s $1.20.
“ICTSI is currently studying its options to determine what is best for its shareholders,” the company told the Philippine Stock Exchange. It did not elaborate, and an ICTSI spokesperson declined to give further comments.
Shares of ICTSI rose 2.7% on Thursday to end at nearly 55 Philippine pesos ($1.56), near a peak reached in May and outpacing a gain of 0.4 in the broader market index <.PSI> on the day.
Trading house Mitsui extended its gains on Thursday, rising 1.3% at 12:36 p.m. after posting its biggest daily gain in three weeks on Wednesday.
Mitsui said Portek’s majority owners, who control 51.3% of the firm, had made an irrevocable agreement to accept its offer.
Portek operates and manages ports in Indonesia, Algeria, Malta, Gabon and Rwanda.
ICTSI already controls about 17% of Portek and some analysts said the US$2.4 billion ($2.9 billion) Manila-based firm may still increase its bid.
It owns or operates 22 terminal facilities — six in the Philippines and one each in China, Ecuador, Poland, Brazil, Madagascar, Syria, Georgia, Brunei, Indonesia, Japan, India, Colombia, Argentina, Croatia, Mexico and the United States.
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