{"id":582401,"date":"2023-03-08T00:00:00","date_gmt":"2023-03-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/national-paints-holding-just-raised-its-bid-for-pachin\/"},"modified":"2023-03-08T00:00:00","modified_gmt":"2023-03-08T00:00:00","slug":"national-paints-holding-just-raised-its-bid-for-pachin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/national-paints-holding-just-raised-its-bid-for-pachin\/","title":{"rendered":"National Paints Holding just raised its bid for Pachin"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">National Paints Holding ups Pachin bid: <\/span><span style=\"\">Dubai-based National Paints Holding (NPH) has <\/span><span style=\"\">raised its offer for <\/span><span style=\"\">Paint and Chemical Industries (Pachin) by 17% in a mandatory tender offer (MTO) submitted yesterday, according to a Financial Regulatory Authority (FRA) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/FRA-Pachin-07-03-2023-1.pdf\" style=\"\">statement (pdf)<\/a><\/span><span style=\"\">. The company has offered to purchase at least 75% of the company for EGP 34.00 a share, up from its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/06\/uaes-national-paints-wants-pachin-86192\/\" style=\"\">initial EGP 29.00 bid<\/a><\/span><span style=\"\"> in November. The offer values the company at some <\/span><span style=\"\">EGP 816 mn<\/span><span style=\"font-weight:400;\"> by our math.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The new offer makes NPH the highest bidder so far for Pachin: <\/span><span style=\"\">Pachin has fielded at least <\/span><span style=\"\">five takeover offers in recent months. Last we heard, two other suitors were still in the running and conducting due diligence on the firm: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/10\/compass-capital-cleared-to-do-due-diligence-on-pachin-plus-speed-medical-icmi-make-ma-headlines-93175\/\" style=\"\">Compass<\/a><\/span><span> was leading the pack with a EGP 30.00 per-share bid while <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/27\/the-bidding-war-for-pachin-is-heating-up-again-92279\/\" style=\"\">Eagle Chemicals<\/a><\/span><span> offered EGP 29.50.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The updated bid offer is the first following PM Madbouly\u2019s decision to include Pachin in <\/span><span style=\"font-weight:700\">the gov\u2019t privatization program. <\/span><span>The three bidders were reportedly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/15\/privatization-update-united-bank-helwan-fertilizers-pachin-96899\/\" style=\"\">rethinking their options for EGX-listed Pachin<\/a><\/span><span> following its inclusion in the state privatization program in early February. Pachin\u2019s inclusion on the list had raised the possibility that the government could look to dilute its position by calling for a capital increase via the EGX or decide not to bring in strategics.<\/span><span style=\"\"> <\/span><span>Pachin is currently approximately <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/10\/compass-capital-cleared-to-do-due-diligence-on-pachin-plus-speed-medical-icmi-make-ma-headlines-93175\/\" style=\"\">54% owned by state companies and banks<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next?<\/span><span style=\"\"> Pachin\u2019s shareholders will take a month or more to evaluate NPH\u2019s offer, a source with knowle<\/span><span style=\"\">d<\/span><span style=\"font-weight:400;\">ge of the matter told Enterprise yesterday. The company hasn\u2019t yet received new or renewed offers from any other bidders, but isn\u2019t ruling it out, he added. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors: <\/span><span>Al Ahly Pharos is advising Pachin, while Shalakany Law Office is counsel. The advisors on the <\/span><span>buy side<\/span><span style=\"font-weight:400;\"> were not disclosed.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Company to evaluate offer over next month.<\/p>\n","protected":false},"author":1,"featured_media":582402,"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":[7321],"tags":[72,7128,9179],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-ma-watch","tag-national-paints-holding","wpautop","entry"],"acf":{"mongo_id":"79c068a1-5a94-4767-a945-c9ed24955575","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/Pachin-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"The UAE\u2019s National Paints Holding just raised its bid for Egypt\u2019s Pachin","related_issue":[582394],"teaser":"Company to evaluate offer over next month.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.b054415f-5137-4003-aaeb-afa03ce940a0.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>National Paints Holding just raised its bid 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\/2023\/03\/08\/national-paints-holding-just-raised-its-bid-for-pachin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Paints Holding just raised its bid for Pachin\" 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&quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/672.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":582401,"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. 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