International Container Terminal Services Inc of the Philippines has decided to withdraw its offer to take over Singapore's Portek International, International Container said on Monday in a Singapore Stock Exchange filing.

The decision came after Japanese trading house Mitsui & Co

launched a rival bid that valued the Singapore port operator at S$221 million ($183.5 million), offering S$1.40 a share, higher than the S$1.20 per share offered by International Container.

HSBC, which is advising International Container, said "the offeror does not believe that it is in the interest of its shareholders to revise or extend the offer."

Nomura is advising Mitsui on the deal. Portek, which operates and manages ports in Indonesia, Algeria, Malta, Gabon and Rwanda, has hired Malaysian banker CIMB as its adviser.

Mitsui said it intends to delist Portek from the Singapore Exchange. Portek shares have nearly doubled since International Container launched its bid in early June (Reuters)