ICTSI in takeover bid for Portek

International Container Terminal Services Inc (ICTSI) has launched S$176.5m takeover bid for Singapore port operator and equipment supplier Portek. ICTSI which currently owns 4.82% of the Singapore-listed firm is offering S$1.20 per share a premium of 69% over the last traded price of Portek. “The acquisition of Portek is in line with ICTSI’s stated strategy to expand its existing network of port concessions, adding to ICTSI’s global network of 22 port terminals in 17 countries,” ICTSI said. Portek operates terminals of up to 350,000 teu in capacity.
(Source:http://www.seatrade-asia.com)