Manila Standard Today reported that International Container Terminal Services Inc 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 that it was studying its options on its bid to acquire Portek International Limited after Mitsui & Co Limited offered to buy Portek shares at SGD 1.4 apiece, a 17% premium over ICTSI's SGD 1.20 bid.

Mr Arthur Tabuena finance manager at ICTSI said that "We are evaluating all the possible options to determine what is best for our shareholders."

He said ICTSI’s offer to buy the remaining shares of Portek for SGD 171 million through its wholly owned subsidiary ICTSI Far East still stood as of July 14th 2011. He added that "We have not withdrawn it."

He said part of the options include giving up its plans to fully acquire Portek and keep its current 16.79% ownership, match or exceed Mitsui’s offer, or sell its shares in the Singaporean port operator to the Japanese company. He added that "Those are all part of our options."

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 USD 32 billion, said on July 13th 2011 that it had received irrevocable undertakings from the owners of 51.29% of Portek shares. The offer, which will be open for acceptance from late July to end August, is approximately SGD 221 million for 100% equity interest.

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.

(Sourced from www.manilastandardtoday.com)