{"id":584215,"date":"2023-03-28T00:00:00","date_gmt":"2023-03-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/28\/eagle-chemicals-ups-bid-for-pachin\/"},"modified":"2023-03-28T00:00:00","modified_gmt":"2023-03-28T00:00:00","slug":"eagle-chemicals-ups-bid-for-pachin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/28\/eagle-chemicals-ups-bid-for-pachin\/","title":{"rendered":"Eagle Chemicals ups 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\">Bidding war for Pachin continues to heat up: <\/span><span style=\"\">Eagle Chemicals yesterday <\/span><span>boosted its offer for EGX-listed Paint and Chemical Industries (Pachin) in response to <\/span><span style=\"\">Dubai-based National Paints Holding\u2019s (NPH) new bid last week, the Financial Regulatory Authority (FRA) said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/pachin-fra-27-03-2023_516.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span style=\"\"> yesterday. Eagle Chemicals is now offering to purchase at least 75% of Pachin for EGP 37.00 per share, EGP 1.00 higher than the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a1a65e5-67f9-401c-9038-63343efcdc10\" style=\"\">bid NPH<\/a><\/span><span style=\"\"> put in at the end of last week. The Egyptian chemicals company\u2019s revised offer values Pachin at some E<\/span><span style=\"\">GP 888 m<\/span><span style=\"font-weight:400;\">n, 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\">Up next: <\/span><span style=\"font-weight:400;\">The FRA is studying Eagle Chemical\u2019s revised offer. Pachin shareholders have until Tuesday, 4 April (one week from today) to respond to NPH\u2019s mandatory tender offer.<\/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\">Is Compass still in the running? <\/span><span style=\"\">Compass Capital had offered to buy 51-90% of the company\u2019s <\/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=\"\">shares at EGP 30.00 per share<\/a><\/span><span style=\"font-weight:400;\"> back in January and hasn\u2019t revised its offer since.<\/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 fell 3.1% to EGP 36.00 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\">It\u2019s all part of the state\u2019s privatization plans: <\/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 latest offer values Pachin at EGP 888 mn<\/p>\n","protected":false},"author":1,"featured_media":584216,"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":[72,7128,6816,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-pachin","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"09f23b66-34e5-4f37-b561-25483d9c4f77","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/514.jpg","photo_position":"above","homepage_title":"Eagle Chemicals ups Pachin offer again amid bidding war with NPH","full_issue_title":"Egypt\u2019s Eagle Chemicals raises offer for Pachin amid bidding war with UAE\u2019s National Paints Holding","related_issue":[584208],"teaser":"Eagle\u2019s latest offer values Pachin at EGP 888 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.95cc9dd5-8f1c-47c4-9c29-67a09d0c2360.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 ups 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\/28\/eagle-chemicals-ups-bid-for-pachin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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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\/4\/264.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584298,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/","url_meta":{"origin":584215,"position":3},"title":"Eagle Chemicals\u2019 bid for Pachin gets go-ahead from regulator","author":"enterpriseam admin","date":"29 March 2023","format":false,"excerpt":"Eagle Chemicals to launch rival MTO for Pachin: Shareholders in EGX-listed Pachin will get a 10-day window to sell their shares to Eagle Chemicals after the Financial Regulatory Authority (FRA) yesterday approved its offer to acquire at least 75% of the state-owned company, the regulator said in a statement (pdf).\u2026","rel":"","context":"In 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