The board of copper producer Asarco Inc. is scheduled to meet today to consider a takeover bid of $1.17 billion in cash from Mexican conglomerate Grupo Mexico, according to sources familiar with the situation. New York-based Asarco signed a friendly $1.14-billion cash and stock pact with Phelps Dodge Corp. on Oct. 5, but the deal was thrown into flux two days later, when Grupo Mexico raised its previous bid of $1.03 billion. It was the latest development in a takeover battle that began in August, when Phelps Dodge announced plans to break up a pending union of Asarco and Cyprus Amax Minerals Corp. with hostile bids for both companies. The Asarco-Cyprus deal eventually fell apart and Phoenix-based Phelps Dodge agreed to buy Cyprus in a friendly $1.8-billion pact. But its efforts to acquire Asarco were complicated by a surprise bid from Grupo Mexico, which already owns 10% of Asarco. The latest Grupo Mexico bid values Asarco at $29.50 a share in cash. On the NYSE, Asarco shares edged up 6 cents to close at $29.38, while Phelps Dodge shares fell 88 cents to $55.19.