Shares of Singapore port operator Portek International (PKIL.SI) jumped more than 6% on Wednesday after Japanese trading house Mitsui & Co (8031.T) said it would launch a tender offer to acquire the firm.
At 9:04 a.m., shares of Portek were 6.4% higher at $1.405 with over 4 million shares changing hands. This was more than double its average daily volume over the last five trading sessions.
At 9:04 a.m., shares of Portek were 6.4% higher at $1.405 with over 4 million shares changing hands. This was more than double its average daily volume over the last five trading sessions.
Mitsui said on Wednesday it would launch a tender offer to buy Portek at $1.40 a share, higher than an bid announced last month by the Philippines’ International Container Terminal Services Inc (ICT.PS).
The price of the offer, which closes in late August, represents a 6.1% premium to Portek’s last traded price of $1.32 per share.
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