{"id":584298,"date":"2023-03-29T00:00:00","date_gmt":"2023-03-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/"},"modified":"2023-03-29T00:00:00","modified_gmt":"2023-03-29T00:00:00","slug":"eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/","title":{"rendered":"Eagle Chemicals\u2019 bid for Pachin gets go-ahead from regulator"},"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 to launch rival MTO for Pachin: <\/span><span style=\"\">Shareholders in EGX-listed <\/span><span>Pachin will get a 10-day window to sell their shares to Eagle Chemicals after the Financial <\/span><span>Regulatory Authority (FRA) yesterday approved its offer to acquire at least 75% of the state-owned company, the regulator said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/FRA-approved-Eagle-Chemicals-offer_593.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The mandatory tender offer (MTO) will open once the company publishes an announcement.<\/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\">REFRESHER- <\/span><span>Eagle Chemicals on Monday raised its offer to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09f23b66-34e5-4f37-b561-25483d9c4f77\" style=\"\">EGP 37.00 per share<\/a><\/span><span> \u2014 EGP 1.00 higher than <\/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=\"\">the rival bid<\/a><\/span><span> submitted<\/span><span style=\"font-weight:400;\"> by National Paints Holding (NPH) last week. The Egyptian chemicals company\u2019s revised offer values Pachin at some EGP 888 mn. Pachin shareholders have until Tuesday, 4 April to respond to NPH\u2019s MTO.<\/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\">Eagle Chemicals wants to take Pachin privat<\/span><span style=\"font-weight:700\">e: <\/span><span>Eagle would delist Pachin from the EGX within six months of the transaction closing. Eagle Chemicals <\/span><span style=\"font-weight:400;\">is committing to maintaining Pachin\u2019s existing workforce for 12 months after the acquisition, according to the statement. <\/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=\"font-weight:400;\"> If shareholders accept the offer, the transaction will be executed on the EGX within the following five working days, according to the statement.<\/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 5.1% to EGP 37.82 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\">Part of the privatization program:<\/span><span> The play for Pachin comes amid the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\">government\u2019s privatization push<\/a><\/span><span style=\"font-weight:400;\">, which should see it reduce its involvement in or exit certain industries to make way for the private sector. Pachin is approximately 54% owned by state-owned companies and banks.<\/span><\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><span style=\"font-weight:700\">Advisors: <\/span><span>Al Ahly Pharos is financial advisor to Pachin while Shalakany Law Office is counsel.<\/span><span> HC Brokerage is brokering the transaction. <\/span><span style=\"font-weight:400;\">Nour Law Office is buy-side counsel alongside Al Tamimi & Company. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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). The mandatory tender offer (MTO) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":584299,"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":[6483,72,7196,7128,131,9179,6816,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-eagle-chemicals","tag-enterpriseam","tag-industry","tag-ma-watch","tag-manufacturing","tag-national-paints-holding","tag-pachin","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"e946cf50-b381-45cb-8fb1-2e73d0af533f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/623.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s financial regulator approves Eagle Chemicals\u2019 bid for Pachin","related_issue":[584293],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.b37eaf73-cf4c-4880-b06f-a3b601bd00e5.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\u2019 bid for Pachin gets go-ahead from regulator - 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\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eagle Chemicals\u2019 bid for Pachin gets go-ahead from regulator\" \/>\n<meta property=\"og:description\" content=\"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). The mandatory tender offer (MTO) [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-29T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/623.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Eagle Chemicals\u2019 bid for Pachin gets go-ahead from regulator\",\"datePublished\":\"2023-03-29T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/\"},\"wordCount\":273,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/623.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Eagle Chemicals\",\"EnterpriseAM\",\"industry\",\"M&amp;A Watch\",\"Manufacturing\",\"National Paints Holding\",\"Pachin\",\"privatization watch\"],\"articleSection\":[\"Privatization\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/eagle-chemicals-bid-for-pachin-gets-go-ahead-from-regulator\/\",\"name\":\"Eagle Chemicals\u2019 bid for Pachin gets go-ahead from regulator - 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