the dispute. It is also considering an extension to the merger plan if, according to Banco de Oro president Nestor Tan, they believe that "it is something worthwhile". Although the deal lapsed on January 31 with no word on an extension, treasury shares totaling 10 percent of Equitable PCI stock could go on sale. The shares were used by the Go family to keep themselves in control of Equitable PCI in the past. However, the new Equitable PCI board voted late last year to retire the shares instead, providing a legal hitch with the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission. If it were to be auctioned, it could join the 12-percent GSIS block. If this were to occur, the 92-peso share price becomes reasonable, probably thwarting a merger with Banco de Oro. As of February 6, the SSS is attempting to draft a price for its stake in Equitable PCI. However, a source familiar with the BDO-SSS deal says that the deal is also open to Banco de Oro. No word has since been released. But in another development, GSIS president Garcia says that he will meet with board member Sy to discuss the possible purchase and subsequent auction of the 34-percent Sy block alongside the GSIS block and controversial treasury shares for 95 pesos per share. "They're the drunken buyer!" In a turn of events, the GSIS has offered to buy the 34% SM stake from it at P79.50 per share (as of March 23) in cash, earning Banco de Oro and the SM group some eight billion pesos. It is unknown whether Banco de Oro, the SM group, or the SM board members of Equitable PCI Bank have agreed, although it is believed that GSIS chairman Garcia is trying to turn the tables on Teresita Sy. If the deal succeeds, this could thwart any chance of a merger. However, this deal is dogged with allegations that Garcia is merely hyping the market, causing a rise in the value of Equitable PCI shares, which were then valued at above 80 pesos as of March 24. In a bizarre twist of events as reported by the Philippine Daily Inquirer on April 25, as the Securities and Exchange Commission demanded that Garcia release the identity of the mystery buyer of the GSIS stake in Equitable PCI, he revealed that the "drunken" buyer is indeed Banco de Oro.