Mitsui said it had an agreement to acquire majority control of Portek after launching a S$221 million ($180 million) bid for the port operator, offering a price of S$1.40 per share, higher than ICTSI's S$1.20.
"ICTSI is currently studying its options to determine what is best for its shareholders," the company told the Philippine Stock Exchange. It did not elaborate, and an ICTSI spokesperson declined to give further comments.
Mitsui said Portek's majority owners, who control 51.3 percent of the firm, had made an irrevocable agreement to accept its offer.
Portek operates and manages ports in Indonesia, Algeria, Malta, Gabon and Rwanda.
ICTSI already controls about 17 percent of Portek and some analysts said the $2.4 billion Manila-based firm may still increase its bid. (Reuters)
