Institutional shareholders of tugboat company Adsteam Marine remained mixed about the recommended $700m all-cash takeover offer from Danish shipping giant AP Moller-Maersk. Analyst Alexander Mees of JP Morgan said some smaller investors were happy with the takeover bid, but larger shareholders believed Adsteam was worth far more, fuelling hopes that a higher bid might be in the making. Adsteam shares remained unchanged at $2.57 - slightly higher than the $2.54-a-share cash bid lodged by salvage company SvitzerWijsmuller, a subsidiary of Maersk. Adsteam's largest shareholder, Investors Mutual, said that while the offer represented a healthy premium, it was still below replacement value of Adsteam's 200 tugboats.