MANILA - Shares of Metro Pacific Investments Corp. fell more than 7% on Tuesday, as investors continued to vote against its deal to buy a 6.7% stake in Manila Electric Co. (Meralco).

The stock was down 7.14% at P2.60 at 0209 GMT.

'They were planning to pay less than P200 per share for that 6.7% stake in Meralco. But now they're paying P300 per share, so that's a huge cost,' said Joey Roxas, president of Eagle Equities Inc.

'And the possible suit is not helping,' he added.

A government pension fund that is a minority shareholder in Meralco said on Tuesday it plans to move court to compel the PLDT group to make a tender offer.

MPIC, a unit of Hong Kong's First Pacific, agreed last week to pay First Philippine Holdings P300 per share for the Meralco stake.