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MANILA, June 1 (Reuters) – The Philippines’ International Container Terminal Services Inc (ICTSI)on Wednesday launched a takeover bid for Singapore’s Portek International Ltd, offering to buy its shares at a 69 percent premium to market prices.
The Manila-based port operator offered S$1.20 for each Portek share, valuing the port operator at around S$180 million ($146 million). Portek shares had closed at S$0.71 on Tuesday.
ICTSI, with a market value of around $2 billion, said in a stock exchange disclosure its ICTSI Far East Pte Ltd unit made the conditional offer through financial adviser HSBC .
Read here
MANILA, June 1 (Reuters) – The Philippines’ International Container Terminal Services Inc (ICTSI)on Wednesday launched a takeover bid for Singapore’s Portek International Ltd, offering to buy its shares at a 69 percent premium to market prices.
The Manila-based port operator offered S$1.20 for each Portek share, valuing the port operator at around S$180 million ($146 million). Portek shares had closed at S$0.71 on Tuesday.
ICTSI, with a market value of around $2 billion, said in a stock exchange disclosure its ICTSI Far East Pte Ltd unit made the conditional offer through financial adviser HSBC .
Read here
