{"id":548031,"date":"2022-07-24T04:00:10","date_gmt":"2022-07-24T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/let-the-negotiations-over-pachin-begin\/"},"modified":"2022-07-24T04:00:10","modified_gmt":"2022-07-24T04:00:10","slug":"let-the-negotiations-over-pachin-begin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/let-the-negotiations-over-pachin-begin\/","title":{"rendered":"Let the negotiations over Pachin begin"},"content":{"rendered":"

<\/a> The board of state-owned, EGX-listed paint maker Paint and Chemicals Industries (Pachin) has rejected Saybad Industrial I<\/strong>nvestment\u2019s <\/strong>acquisition bid<\/a><\/strong>, saying in a filing to the bourse (pdf)<\/a> on Thursday that it undervalues the company. Saybad earlier this month offered to pay EGP 16.00-16.50 per share to acquire up to 90% of the company, valuing it at EGP 384-396 mn, a price tag that Pachin said \u201cdoes not reflect the true value of the company and its assets.\u201d<\/p>\n

It\u2019s still a premium:<\/strong> Shares in Pachin were up nearly 2% to EGP 15.92 at the close of trading on Thursday.<\/p>\n

It\u2019s not over, folks: <\/strong>The company plans to hold talks with the Saybad to negotiate a price that\u2019s more amenable, the statement reads. Pachin will decide on whether to proceed with due diligence on the transaction at the next general assembly meeting.<\/p>\n

Refresher:<\/strong> Saybad Industrial Investment is an Egyptian outfit consisting of a group of local investors who are active in the paint industry here and across Asia, according to the EGX disclosure. Around 54% of Pachin is currently owned by state-owned companies and banks, making the sale a part of the state\u2019s privatization plans, a source with first-hand knowledge of the transaction told Enterprise last week<\/a>.<\/p>\n

Even with the current climate, acquisition targets are feeling lowballed<\/strong>: This is the second rejection by a major listed M&A target in as many days, after Madinet Nasr Housing and Development\u2019s (MNHD) board last w<\/a>eek said<\/a> SODIC\u2019s bid was too low, and asked the company to substantially raise its offer<\/a>.<\/p>\n

Advisors: <\/strong>Catalyst Partners is acting as Pachin's financial advisor. Adsero\u2013Raji Soliman & Associates is the firm\u2019s legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

The board of state-owned, EGX-listed paint maker Paint and Chemicals Industries (Pachin) has rejected Saybad Industrial Investment\u2019s acquisition bid, saying in a filing to the bourse (pdf) on Thursday that it undervalues the company. Saybad earlier this month offered to pay EGP 16.00-16.50 per share to acquire up to 90% of the company, valuing it […]<\/p>\n","protected":false},"author":1,"featured_media":548032,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[72,7128,9129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-saybad","wpautop","entry"],"acf":{"mongo_id":"74f34a18-edb7-4654-bb50-eac9f5012cba","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/240.jpg","photo_position":"above","related_issue":[548025],"teaser":"","voice_url":""},"yoast_head":"\nLet the negotiations over Pachin begin - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/let-the-negotiations-over-pachin-begin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Let the negotiations over Pachin begin\" \/>\n<meta property=\"og:description\" content=\"The board of state-owned, EGX-listed paint maker Paint and Chemicals Industries (Pachin) has rejected Saybad Industrial Investment\u2019s acquisition bid, saying in a filing to the bourse (pdf) on Thursday that it undervalues the company. 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The new offer would value the EGX-listed company at up to EGP 450 mn, according to our calculations. The\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548883,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/pachin-taps-al-ahly-pharos-to-advise-on-takeover-bids\/","url_meta":{"origin":548031,"position":2},"title":"Pachin taps Al Ahly Pharos to advise on takeover bids","author":"enterpriseam admin","date":"25 August 2022","format":false,"excerpt":"Paint and Chemical Industries (Pachin) has tapped Al Ahly Pharos to advise it as it mulls multiple takeover bids, the EGX-listed paint company said in an EGX disclosure (pdf) yesterday. Pachin appointed the firm to \u201cdifferentiate between bids submitted and negotiate the highest possible value for the share price,\u201d it\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/391.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550227,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/the-bidding-war-for-pachin-is-cooling-off-eep-will-get-56-of-selah-el-telmeez\/","url_meta":{"origin":548031,"position":3},"title":"The bidding war for Pachin is cooling off + EEP will get 56% of Selah El Telmeez","author":"enterpriseam admin","date":"19 October 2022","format":false,"excerpt":"This morning brings updates on two M&A stories we\u2019ve been tracking: Saybad\u2019s bid for Pachin, which looks to be dead in the water following delays; and Egypt Education Platform and the Sovereign Fund of Egypt\u2019s play for what we now know is a 56% stake in Selah El Telmeez. Saybad\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577132,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/sipes-abandons-bid-for-pachin-paving-way-for-emirati-takeover\/","url_meta":{"origin":548031,"position":4},"title":"Sipes abandons bid for Pachin, paving way for Emirati takeover","author":"enterpriseam admin","date":"10 November 2022","format":false,"excerpt":"The way is clear for the UAE\u2019s National Paints to acquire Paint and Chemical Industries (Pachin) after Universal Building Materials and Chemicals (Sipes) dropped its rival bid to take over the EGX-listed company. Pachin announced the development in a disclosure to the EGX (pdf) yesterday, leaving the Dubai-based company the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578604,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/","url_meta":{"origin":548031,"position":5},"title":"Another bidder joins the war for Pachin","author":"enterpriseam admin","date":"5 January 2023","format":false,"excerpt":"Everyone wants a piece of Pachin: Compass Capital has submitted a non-binding offer to purchase between 51-90% of Paint and Chemical Industries (Pachin) for EGP 30 a share, according to a disclosure to the EGX (pdf) from the Financial Regulatory Authority yesterday. Compass\u2019 offer values Pachin at EGP 720 mn.The\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548031"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548031\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548025"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548032"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548031"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548031"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}