IT’S not yet over for the group of Manuel V. Pangilinan.

Although the chief of the Philippine Long Distance Telephone Co. (PLDT) may have been caught off guard by the surprise offer from the group headed by the son of mall tycoon Henry Sy to bid for a 13.4-percent stake in Manila Electric Co. (Meralco), the telecom executive’s camp may yet exercise either its right of first refusal over the Lopez clan’s stake or the tag-along rights.

Pangilinan and Oscar Lopez, chairman of First Philippine Holdings Corp. (FPHC), which holds the family’s interest in Meralco, are already in discussions for the sale of half of the 13.4-percent stake when Henry Sy Jr. confirmed late Friday that he and other investors made an offer to acquire the remaining stake reportedly for P300 apiece as against Pangilinan’s bid of P225 per share.

The Lopezes confirmed they have received an offer from the tycoon’s eldest son and other investors through privately held Triratna Holdings Corp. and said they would discuss the proposal at a board meeting this Thursday. The younger Sy, son of the country’s richest man, is president of Triratna.

The 13.4-percent remaining stake held by the Lopez family in Meralco is under FPHC, which is obliged to give Pangilinan’s group the right of first refusal on the remaining stake.

“We still have the right of first refusal as well as tag-along rights at the same Lopez prize,” Pangilinan told the BusinessMirror in a text message Friday night.

But Pangilinan has yet say if his camp will exercise its right of refusal. “It’s hard to say,” he added.

For PLDT board member Ray Espinosa, who is also one of the key official privy to the transaction, said “the battle is not yet over” as Pangilinan’s group could still sell its shares using tag-along rights. 

“We have contractually binding tag-along right. We don’t have to rely on tender offer rules if we exercise it,” said Espinosa in a separate text message.

Under those tag-along rights, PLDT can sell its holdings under the same terms and conditions applied to the Lopez stake.

Pangilinan is the chairman of PLDT which, in turn, is owned by First Pacific Co. Ltd. and Japan’s NTT Communications and NTT DoCoMo. The Hong Kong-based conglomerate holds the right of first refusal on the Lopez family stake. It already owns a total of 34.7 percent of Meralco through PLDT and Metro Pacific Investments Corp. (MPIC).

Pangilinan said the price tag for the 6.7-percent Meralco stake would be “higher” than Pilipino Telephone Corp.’s (Piltel) purchase price at about P90 a piece. Piltel is a unit of Smart Communications Inc.             

Sy is allied with SMC. The wealthy family, through holding firm SM Investments Corp., used to own an 11-percent stake in the food and beverage giant, which it sold to San Miguel Retirement Fund for P27 billion in October 2007.

Meanwhile, Triratna incorporators, based on 2006 general information sheet, include the younger Sy, SMC president Ramon Ang, Joselito Campos Jr., Daniel Ibasco, Anthony Almeda, Joseph Ferdinand Dichavez.