MANILA, Nov 5 (Reuters) - Power conglomerate First Philippine Holdings extended a board meeting on Thursday to decide on rival offers for its 13.4 percent holding in Manila Electric Co (Meralco).

'The meeting will resume tonight,' First Philippines Vice President Benjamin Lopez told reporters after a two-hour board meeting ended without a decision.

'It's not sure whether there will be a disclosure, it all depends on the board.'

The Philippine conglomerate has received an offer from the son of the country's leading tycoon Henry Sy to buy its entire 13.4 percent stake in Meralco for $940 million..

But a group of companies associated with the Philippine Long Distance Telephone (PLDT), the country's most valuable firm, has right of first refusal on the stake.

First Holdings' stake in Meralco is key to resolving a long tussle for control of the utility between PLDT, Manila's most valuable company, and food-to-power group San Miguel.

Henry Sy Jr. is a business ally of San Miguel's president and if he buys the stake, it will give the food-to-power conglomerate absolute control. San Miguel has previously said it and its allies own about 43 percent of Meralco.

The Lopez family, which controls First Philippine Holdings, sold a 20 percent stake in Meralco to the PLDT group in March for $414 million and votes its remaining holdings with the telephone firm. Together they control 48 percent of the utility while about 9 percent is held by the public.

PLDT Chairman Manuel Pangilinan had said early last week he was in talks on the deal with Oscar Lopez, chairman of First Holdings, and that discussions should be concluded soon.

Meralco, the country's largest power retailer, has become an attractive target after regulators allowed it to raise power tariffs by up to 27 percent this year, its first hike since 2003.

PLDT is owned by Hong Kong's First Pacific Co Ltd, Japan's NTT Communications and NTT DoCoMo.

Manila Electric shares closed up 1.8 percent at 221 pesos on Thursday as First Philippine Holdings jumped 6.4 percent, outpacing the overall market's 1.27 percent rise.

Both are among the strongest performing, and volatile, issues on the stock market this year, with Meralco surging nearly 265 percent and First Holdings galloping 257 percent.

(Reporting by Manny Mogato)

((raju.gopalakrishnan@thomsonreuters.com; +632 841 8914; Reuters Messaging: raju.gopalakrishnan.reuters.com@reuters.net)) Keywords: MERALCO/MEETING

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