San Miguel offer sweetener to buy Bumi

San Miguel Corp, the Philippines largest food and beverage company, offered sweetener to Bakrie Family to acquire 51 percent of PT Bumi Resources shares.
They were ready to realize their acquisition of Bumi by the end of the month. The Philippine company also said they would be willing to buy Bumi shares despite the fact the status of the shares had yet been free and clear following repurchase agreement (repo) transaction.
San Miguel planned to acquire 51 percent of Bumi shares from Bakrie Group with the price offer which is not too much different from that of offered to the Northstar Pacific.
On the transaction, Northstar offered US$1.3 billion under an exclusive agreement.
Tata Group also has never given up as it offered US$480 million for 35 percent of Bumi shares amidst the falling Bumi shares.