{"id":550227,"date":"2022-10-19T04:01:32","date_gmt":"2022-10-19T04:01:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/the-bidding-war-for-pachin-is-cooling-off-eep-will-get-56-of-selah-el-telmeez\/"},"modified":"2022-10-19T04:01:32","modified_gmt":"2022-10-19T04:01:32","slug":"the-bidding-war-for-pachin-is-cooling-off-eep-will-get-56-of-selah-el-telmeez","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/the-bidding-war-for-pachin-is-cooling-off-eep-will-get-56-of-selah-el-telmeez\/","title":{"rendered":"The bidding war for Pachin is cooling off + EEP will get 56% of Selah El Telmeez"},"content":{"rendered":"

<\/a> This morning brings updates on two M&A stories we\u2019ve been tracking: <\/strong>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.<\/p>\n

Saybad Industrial Investment has abandoned its bid to take over EGX-listed paint <\/strong>company Paint and Chemical Industries (Pachin)<\/strong> after not being able to do due diligence on the firm, Maged Shawky, chairman of the company\u2019s financial advisor, Catalyst Partners, told Enterprise. \u201cThe company\u2019s tender offer \u2014 which was valid for 60 days \u2014 has expired, without Pachin allowing due diligence or conducting a fair value study,\u201d Shawky said. Pachin came out with its own disclosure (pdf)<\/a> to the EGX on Monday, claiming it had not been notified of Saybad\u2019s decision.<\/p>\n

Refresher: <\/strong>Saybad had been an eager bidder for Pachin, upping its offer<\/a> by as much as 14% to EGP 16.50-18.75 per share after the company rejected<\/a> its initial bid. The revision came on the heels of a rival bid<\/a> from Universal Building Materials and Chemicals (Sipes), which had said it would purchase up to all of the company\u2019s shares at EGP 17.50-18.50.<\/p>\n

Where\u2019s that fair value study? <\/strong>Pachin is expecting the results of a fair value study it told us it was planning to commission<\/a> in August to come in by the end of this week, a source close to the transaction told Enterprise. Shawky told us yesterday that the firm is yet to share the results. \u201cThe fair value study\u2019s results should be shared with the bidders in order for them to gauge whether the offer price is appropriate,\u201d Shawky said.<\/p>\n

Pachin could look to start the bidding afresh: <\/strong>Pachin plans to solicit interest from investors using the fair value study as a benchmark price, our source said, adding that the company would welcome offers from all investors \u2014 including those who already made prior bids \u2014 on that basis.<\/p>\n

REMEMBER-<\/strong> The play for Pachin comes amid the government\u2019s privatization push<\/strong>, which should see it 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

Advisors: <\/strong>Catalyst Partners acted as Saybad\u2019s financial advisor. Adsero-Raji Soliman & Associates is the firm\u2019s legal advisor. Pachin had tapped Al Ahly Pharos to help it \u201cdifferentiate between bids submitted and negotiate the highest possible value for the share price.\u201d<\/p>\n

\n

EEP<\/strong> + SFE get 56% of Selah El Telmeez:<\/strong> Egypt Education Platform (EEP) is acquiring a 51% stake in education platform Selah El Telmeez), a source with knowledge of the transaction told Enterprise. EEP is owned by EFG Hermes and the Sovereign Fund of Egypt (SFE). The SFE is separately acquiring a 5% stake as part of the transaction.<\/p>\n

REFRESHER- EEP <\/strong>inked an agreement<\/a><\/strong> to acquire a majority stake in Selah El Telmeez last week. <\/strong>The acquisition will help the platform expand its digital footprint and widen its market share.<\/p>\n

ADVISORS-<\/strong> EEP tapped White & Case as legal advisor, while Adsero-Ragy Soliman and Partners was counsel to the SFE. Al Tamimi & Co had sell-side duties.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Industrial Investment has abandoned its […]<\/p>\n","protected":false},"author":1,"featured_media":550228,"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":[72,7128,2159,2556,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-saybad-industrial-investment","tag-selah-el-telmeez","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"282c2d10-3962-4fe7-9d62-eb7036227f7b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/268.jpg","photo_position":"above","related_issue":[550221],"teaser":"","voice_url":""},"yoast_head":"\nThe bidding war for Pachin is cooling off + EEP will get 56% of Selah El Telmeez - 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\/10\/19\/the-bidding-war-for-pachin-is-cooling-off-eep-will-get-56-of-selah-el-telmeez\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The bidding war for Pachin is cooling off + EEP will get 56% of Selah El Telmeez\" \/>\n<meta property=\"og:description\" content=\"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. 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Saybad earlier this month offered to pay EGP 16.00-16.50 per share to acquire up to 90%\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\/7\/240.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548412,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/bidding-war-for-pachin\/","url_meta":{"origin":550227,"position":2},"title":"Bidding war for Pachin?","author":"enterpriseam admin","date":"8 August 2022","format":false,"excerpt":"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\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\/186.jpg?fit=%2C&ssl=1&resize=350%2C200","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":550227,"position":3},"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":578391,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/the-bidding-war-for-pachin-is-heating-up-again\/","url_meta":{"origin":550227,"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":577132,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/sipes-abandons-bid-for-pachin-paving-way-for-emirati-takeover\/","url_meta":{"origin":550227,"position":5},"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. 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