MUMBAI (Commodity Online): In yet another bid to acquire US-based Copper miner Asarco, Sterlite Industries has revised its bid, offering $2.565 billion in an all-cash deal.

A few days ago, a bankruptcy court in Texas had recommended Sterlite’s rival Grupo Mexico’s offer for the Asarco.

However, Sterlite is again trying to get the American firm by hiking its offer. In order to provide full cash payment to Asbestos creditors and to provide for surplus cash after closing for the smooth continued operations of Asarco, Sterlite increased its offer from $2.135 billion to $2.565 billion cash on closing, Sterlite said in a filing to the Bombay Stock Exchange.

Sterlite’s modified offer, the third in two months, counters Groupo Mexico’s bid of about 2.47-billion and has come at a time when a district court in Texas is taking a final view of the two competing bids.

The court is expected to pronounce its judgment by the end of this month.

The modification to the plan has been accordingly submitted to the district court for its consideration, NRI billionaire Anil Agarwal-led Sterlite said.

The move to make its bid more attractive follows a Texas bankruptcy court judgment on September 2, recommending Grupo Mexico’s bid with about $2.2 billion as cash component for regaining control of its Copper miner Asarco LLC.

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