Diversified conglomerate San Miguel Corporation (SMC) is still considering a public offer of its shares in San Miguel Pure Foods Company as an alternative divestment route if it does not get an acceptable offer for a substantial stake in the 97 percent-owned unit.

In a disclosure to the Philippine Stock Exchange, SMC chief finance officer Ferdinand Constantino said San Miguel expects bids from several firms for a stake in Pure Foods to be submitted by July 15, 2010.

"We further advise that the company continues to evaluate a possible secondary share sale of (Pure Foods) as an alternative," Constantino said.

San Miguel President Ramon Ang had earlier said that San Miguel might sell up to 49 percent of Pure Foods to help finance the conglomerate's expansion plans.

He said the firm is worth around $1.8 billion although recent estimates put the bid price at around $2 billion. Pure Foods has a market capitalization of P57.5 billion ($1.24 billion).

Among those reportedly interested in Pure Foods are its competitor Universal Robina Corporation (URC), NutriAsia of the Campos family and private equity firms Carlyle Group and CVC.

Pure Foods shares rose 1.45 percent to P350 Monday, apparently in anticipation of the premium that might be paid by the winning bidder.

Ang said the original plan for SMPFC was to sell a 49 percent stake via a follow-on offering of secondary shares.

However, Ang said there were offers for a direct acquitions so SMC has to consider these offers since it is much faster and cheaper to sell the stake directly to one buyer instead of undergoing a public offer