Mitsui To Tender Offer For Singpore Port Operator

Mitsui & Co., Ltd., a major trading house, announced that it will conduct a tender offer for Portek International Limited, a SGX-listed port operator. The founding family of Portek, the largest shareholder, accepted the offer. The TOB price is set at S$1.40, a 50.5% premium over a 3 month average. The estimated deal size is S$221 million at a maximum of US$180 million. Portek is a turnkey provider of equipment, services, and solutions for the port industry globally as well as an operator of medium sized container and multipurpose ports. Through this acquisition, Mitsui plans to improve and increase the productivity and efficiency of its logistic operations around the world.