[030811.EN.SEA] ICTSI Withdraws Bid For Portek

Manila: International Container Terminal Services Inc (ICTSI) has withdrawn its takeover offer for Singapore terminal operator Portek International.

ICTSI bid S$1.20 per share for Portek, but was trumped by a higher S$1.40 per share from Mitsui & Co, which garnered acceptances from over 50% of the shareholders.

“Whilst we continue to view Portek as an attractive business, we are unfortunately unable to proceed further in light of the current circumstances. We believe the early termination of our offer will provide shareholders with more clarity,” said Enrique Razon, chairman of ICTSI. 

“We intend to tender into the offer from Mitsui in due course.”

Source : STA, 01.08.11.