{"id":583930,"date":"2023-03-22T00:00:00","date_gmt":"2023-03-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/22\/eagle-chemicals-increases-bid-for-pachin\/"},"modified":"2023-03-22T00:00:00","modified_gmt":"2023-03-22T00:00:00","slug":"eagle-chemicals-increases-bid-for-pachin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/22\/eagle-chemicals-increases-bid-for-pachin\/","title":{"rendered":"Eagle Chemicals increases 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\">Eagle Chemicals ups bid for Pachin: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/eagle-chemicals.com\/?fbclid=IwAR0RwfqXZs7_Pt9tBd_RZvoR8u77ulAQ5eI4rPOqPcDC8U3SfBCFKnh3_n4\" style=\"\">Eagle Chemicals<\/a><\/span><span style=\"\"> yesterday i<\/span><span style=\"\">ncreased its offer for  <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.pachin.net\/arb\/\" style=\"\">Paint and Chemical Industries<\/a><\/span><span> (Pachin)<\/span><span> on the same day that National Paints Holding\u2019s (NPH) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5e76e04-d090-4389-a2d4-43d42ae60a5d\" style=\"\">rival mandatory tender offer<\/a><\/span><span> (MTO) opened to shareholders. The Egyptian chemicals company offered to purchase at least 75% of the company for EGP 35.00 per share, EGP 1.00 higher than the bid <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79c068a1-5a94-4767-a945-c9ed24955575\" style=\"\">submitted by NPH<\/a><\/span><span> earlier this month, the Financial Regulatory Authority (FRA) said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Eagle-chemicals-Pachin-bid-21-3-23.pdf\" style=\"\">disclosure to the EGX (pdf)<\/a><\/span><span> yesterday. <\/span><span>Eagle Chemical\u2019s revised offer values the EGX-listed company at some <\/span><span>EGP 840 mn<\/span><span style=\"font-weight:400;\">, according to 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\">This is a significant increase on its initial bid:<\/span><span style=\"\"> Eagle Chemicals\u2019 new bid is almost 20% <\/span><span>higher than its initial <\/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=\"\">EGP 29.5 per-share bid<\/a><\/span><span style=\"font-weight:400;\"> in December.<\/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=\"\">The FRA is currently studying Eagle Chemicals\u2019 new offer. NPH\u2019s 10-day MTO <\/span><span style=\"font-weight:400;\">opened yesterday, giving shareholders until Tuesday, 3 April to respond.<\/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\">Your move, Compass:<\/span><span style=\"\"> Compass Capital has also <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51ebd661-7bc4-402c-993a-3432a7f06307\" style=\"\">submitted a bid<\/a><\/span><span style=\"\"> for the company but is yet to <\/span><span style=\"font-weight:400;\">respond to NPH and Eagle Chemicals\u2019 improved offers.<\/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\">Market reax:<\/span><span style=\"font-weight:400;\"> Pachin\u2019s shares rose 1.4% to EGP 33.66 during trading yesterday.<\/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\">REMEMBER-<\/span><span style=\"font-weight:400;\"> The play for Pachin comes amid the government\u2019s privatization push, 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.<\/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 style=\"font-weight:400;\"> Al Ahly Pharos is providing financial advice to Pachin while Shalakany Law Office is counsel.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eagle\u2019s offer trumps the bid submitted by NPH, whose MTO kicked off yesterday<\/p>\n","protected":false},"author":1,"featured_media":583931,"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":[6483,72,7128,9179,6816,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-eagle-chemicals","tag-enterpriseam","tag-ma-watch","tag-national-paints-holding","tag-pachin","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"96d9bed4-fd9f-4c30-a950-efed6395ac1d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/paint_vintage-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s Eagle Chemicals submits improved bid for Pachin","related_issue":[583923],"teaser":"Eagle\u2019s offer trumps the bid submitted by NPH, whose MTO kicked off yesterday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.4fcc5f33-1821-4efd-9f6c-fe16b03e8437.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>Eagle Chemicals increases 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\/22\/eagle-chemicals-increases-bid-for-pachin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eagle Chemicals increases bid for Pachin\" \/>\n<meta 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offer to acquire at least 75% of the state-owned company, the regulator said in a statement (pdf).\u2026","rel":"","context":"In &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\/623.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585119,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/11\/nph-goes-again\/","url_meta":{"origin":583930,"position":2},"title":"NPH goes again","author":"enterpriseam admin","date":"11 April 2023","format":false,"excerpt":"Pachin is now valued at more than EGP 955 mn","rel":"","context":"In 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