{"id":548412,"date":"2022-08-08T03:45:35","date_gmt":"2022-08-08T03:45:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/bidding-war-for-pachin\/"},"modified":"2022-08-08T03:45:35","modified_gmt":"2022-08-08T03:45:35","slug":"bidding-war-for-pachin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/bidding-war-for-pachin\/","title":{"rendered":"Bidding war for Pachin?"},"content":{"rendered":"

<\/a> Pachin has another potential suitor:<\/strong> EGX-listed Paint and Chemical Industries (Pachin) has received a non-binding offer from Universal Building Materials and Chemicals (Sipes<\/a>) to acquire up 100% of its shares, it said ina disclosure (pdf)<\/a> to the EGX yesterday.<\/p>\n

The offer: <\/strong>Sipes has offered to purchase at least 60% of the majority state-owned company for between EGP 17.50 and EGP 18.50 per share, valuing the company at EGP 420-444 mn, according to our math. Sipes\u2019 offer is an 8-14% premium to the EGP 16.20 at which Pachin\u2019s shares closed yesterday.<\/p>\n

About <\/strong>Sipes<\/strong>: <\/strong>The company is a regional paint distributor, with plants in Lebanon, Jordan, Saudi Arabia, Libya and Egypt. Sipes produces home paint and industrial paint as well as wood coatings and automotive paints.<\/p>\n

This is the second company to bid for Pachin in the past month:<\/strong> Pachin received an offer<\/a> from Saybad Industrial Investment last month, which it rejected<\/a>, saying that it undervalued the company. It\u2019s unclear whether Saybad is prepared to up its offer.<\/p>\n

Sipes improved on Saybad\u2019s bid:<\/strong> Saybad priced Pachin\u2019s shares at between EGP 16.00 and EGP 16.50, valuing the company at EGP 384-396 mn.<\/p>\n

Part of the government\u2019s privatization plans:<\/strong> The bids come as the state looks to reduce its involvement in or exit certain industries to make way for the private sector. Pachin is currently approximately 54% owned by state-owned companies and banks.<\/p>\n

What\u2019s next:<\/strong> Pachin\u2019s board will meet to decide whether to allow Sipes to conduct due diligence.<\/p>\n

ADVISORS-<\/strong> Catalyst Partners is acting as Pachin's financial advisor while Adsero-Raji Soliman & Associates is legal counsel. Sipes will settle on legal and financial advisors after Pachin\u2019s board decides whether or not to allow Sipes to go ahead with the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pachin has another potential suitor: EGX-listed Paint and Chemical Industries (Pachin) has received a non-binding offer from Universal Building Materials and Chemicals (Sipes) to acquire up 100% of its shares, it said ina disclosure (pdf) to the EGX yesterday. The offer: Sipes has offered to purchase at least 60% of the majority state-owned company for […]<\/p>\n","protected":false},"author":1,"featured_media":548413,"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":[72,7128,2223],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-sipes","wpautop","entry"],"acf":{"mongo_id":"754fb02f-43c8-47ad-88aa-ae065c7c0a7e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/186.jpg","photo_position":"above","related_issue":[548406],"teaser":"","voice_url":""},"yoast_head":"\nBidding war for Pachin? - 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\/08\/08\/bidding-war-for-pachin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bidding war for Pachin?\" \/>\n<meta property=\"og:description\" content=\"Pachin has another potential suitor: EGX-listed Paint and Chemical Industries (Pachin) has received a non-binding offer from Universal Building Materials and Chemicals (Sipes) to acquire up 100% of its shares, it said ina disclosure (pdf) to the EGX yesterday. 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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":548526,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-bidding-war-for-pachin-is-heating-up\/","url_meta":{"origin":548412,"position":1},"title":"The bidding war for Pachin is heating up","author":"enterpriseam admin","date":"11 August 2022","format":false,"excerpt":"Saybad ups its offer for Pachin: Saybad Industrial Investment has increased its offer for Paint and Chemical Industries (Pachin) to EGP 16.50-18.75 per share, it said in an EGX disclosure (pdf). 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":548412,"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":548778,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/as-a-bidding-war-heats-up-pachins-biggest-shareholder-is-doing-its-own-fv-and-seeking-investment-bankers\/","url_meta":{"origin":548412,"position":3},"title":"As a bidding war heats up, Pachin\u2019s biggest shareholder is doing its own FV and seeking investment bankers","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Pachin\u2019s biggest shareholder to hire advisors for fair value study: Chemical Industries Holding Company (CIHC) will appoint an independent financial advisor to value Paint and Chemical Industries\u2019 (Pachin) amid a bidding war for the EGX-listed paint company, CIHC Chairman Emad El Din Mostafa told Enterprise. CIHC \u2014 Pachin\u2019s largest shareholder\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\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578391,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/the-bidding-war-for-pachin-is-heating-up-again\/","url_meta":{"origin":548412,"position":4},"title":"The bidding war for Pachin is heating up again","author":"enterpriseam admin","date":"27 December 2022","format":false,"excerpt":"Yet another bidder vying for Pachin: Eagle Chemicals wants to acquire 100% of Paint and Chemical Industries (Pachin) for EGP 29.5 a share, the highest offer Pachin has received yet, according to an EGX disclosure (pdf) filed by the Financial Regulatory Authority yesterday. The bid is a 1.7% premium to\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\/12\/546.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":548412,"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. 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