It’s NPH’s turn: Dubai-based National Paints Holding (NPH) is still in the race to acquire EGX-listed Paint and Chemical Industries (Pachin), yesterday raising its offer by more than 5% in response to Eagle Chemicals’ revised offer last week. The Emirati firm is now offering to purchase up to 100% of state-owned Pachin for EGP 39.80 per share, up from its previous EGP 37.75 bid, the Financial Regulatory Authority (FRA) said in a statement (pdf) yesterday. The new bid values the company at EGP 955.2 mn, according to our math.

Comparing the two offers: NPH’s new bid is 2% above Eagle Chemicals’ latest offer. The local chemicals company has offered to purchase at least 75% of state-owned Pachin for EGP 39.00 per share.

Shareholders get a five-day extension to respond: The FRA has extended the ongoing mandatory tender offer (MTO) by five working days, giving shareholders until 2 May — according to our understanding of when public holidays will fall — to decide whether and to whom to sell their shares.

Is a Compass Capital comeback brewing? Compass Capital is still mulling a rival bid and could reenter the fray within days, Al Borsa reports, citing unnamed sources. Compass in January submitted a non-binding offer to acquire a stake of 51-90% in Pachin for EGP 30.00 per share.

Market reax: Pachin’s shares increased 0.4% to EGP 40.14 yesterday.

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

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