PLDT says has right to match offer for Meralco stake
Reuters | 11/03/2009 4:20 PM
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MANILA - The PLDT group is considering all options for its planned purchase of additional shares in Manila Electric Co., including matching a $940 million buy-in offer made by the son of the country's mall tycoon last week, the company's chairman said.
"We are studying our options carefully," Manuel Pangilinan told reporters on Tuesday. "We have the right to match," he said.
The Philippine Long Distance Telephone Co. (PLDT) group has first refusal rights over the Lopez family stake and tag-along rights allowing it to sell out of the company along with the business clan at the same terms.
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