Eagle Chemicals’ rival bid for Pachin goes live today: Shareholders of state-owned Paint and Chemical Industries (Pachin) have until market close on 12 April to decide whether sell shares to Eagle Chemicals or National Paints Holding (NPH), which have launched rival mandatory tender offers (MTO) for the EGX-listed firm. In a statement yesterday, the EGX said that Eagle Chemicals’ 10-day MTO will open on Thursday, and that NPH’s offer — which had been set to close on 4 April — has been extended and will now wrap on the same date.

The offers: Eagle Chemicals is offering to acquire at least 75% of Pachin for EGP 37.00 per share, EGP 1.00 higher than the rival bid submitted by National Paints Holding (NPH) last week.

Is Compass Capital planning a comeback? Compass Capital has reportedly wrapped up its due diligence on Pachin and is preparing to submit a rival MTO within days, Al Mal reports citing unnamed sources it says are close to the matter. Information about Compass’ potential revised offer including the targeted stake size and the price tag per share wasn’t disclosed. Compass in January submitted a non-binding offer to acquire a majority stake of 51-90% in Pachin for EGP 30.00 per share.

Pachin in the black: Pachin’s bottomline hit EGP 19.5 mn in 2H 2022, a turnaround from losses of EGP 12.8 mn in 2H 2021, according to a statement to the bourse.

Advisors: Al Ahly Pharos is financial advisor to Pachin while Shalakany Law Office is counsel. Nour Law Office is buy-side counsel to Eagle Chemicals alongside Al Tamimi & Company. Matouk Bassiouny & Hennawy are acting as NPH’s legal counsel, while Marei, Fayez, Dardiry & Partners is legal advisor to Compass Capital. HC Brokerage is brokering the transaction.

Tags: