According to the ICTSI Withdrawal Announcement, any acceptances of the ICTSI Offer made prior to or after the date of the ICTSI Withdrawal Announcement will be deemed not to have been made and further, any acceptances of the ICTSI Offer received after the date of the ICTSI Withdrawal Announcement will be rejected. It is also stated in the ICTSI Withdrawal Announcement that International Container Terminal Services, Inc intends to tender all of the Shares held through ICTSI in acceptance of the Mitsui Offer in due course.
On 20 July 2010, HSBC, for and on behalf of ICTSI, announced that the total number of Shares held by ICTSI and parties acting in concert with it, Shares acquired or agreed to be acquired by ICTSI and parties acting in concert with it (other than pursuant to valid acceptances of the ICTSI Offer) and valid acceptances of the ICTSI Offer amounted to an aggregate of 26,354,990 Shares, representing approximately 17.27% of the total number of Shares.
On the 4th July, by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (“HSBC”), made an offer to purchase the shares for and on behalf of ICTSI Far East Pte Ltd (“ICTSI”). This was closely followed by an offer from Nomura Singapore Limited, for and on behalf of Mitsui & Co Ltd
(“Mitsui”) on 13 July 2011.
This bidding war has caused the share price of Portek to increase way pass the Offer made by HSBC making the Mitsui Offer more attractive to the Shareholders.