{"id":584391,"date":"2023-03-30T00:00:00","date_gmt":"2023-03-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/30\/compass-capital-could-launch-new-bid-for-pachin-as-eagle-chemicals-mto-goes-live\/"},"modified":"2023-03-30T00:00:00","modified_gmt":"2023-03-30T00:00:00","slug":"compass-capital-could-launch-new-bid-for-pachin-as-eagle-chemicals-mto-goes-live","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/30\/compass-capital-could-launch-new-bid-for-pachin-as-eagle-chemicals-mto-goes-live\/","title":{"rendered":"Compass Capital could launch new bid for Pachin as Eagle Chemicals\u2019 MTO goes live"},"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\u2019 rival bid for Pachin goes live today:<\/span><span style=\"\"> Shareholders of <\/span><span>state-owned Paint and Chemical Industries (Pachin) have until market close on 12 April to decide whether sell shares to Eagle Chemicals or National Paints Holding (NPH), which have launched rival mandatory tender offers (MTO) for the EGX-listed firm. In <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/670.jpg\" style=\"\">a stateme<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/670.jpg\" style=\"\">nt<\/a><\/span><span style=\"font-weight:400;\"> yesterday, the EGX said that Eagle Chemicals\u2019 10-day MTO will open on Thursday, and that NPH\u2019s offer \u2014 which had been set to close on 4 April \u2014 has been extended and will now wrap on the same date. <\/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 offers:<\/span><span> Eagle Chemicals is offering to acquire at least 75% of Pachin for <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e946cf50-b381-45cb-8fb1-2e73d0af533f\" style=\"\">EGP 37.00 per share<\/a><\/span><span>, 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=\"\">rival bid<\/a><\/span><span style=\"font-weight:400;\"> submitted by National Paints Holding (NPH) last week. <\/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 Capital planning a comeback? <\/span><span>Compass Capital has reportedly wrapped up its due diligence on Pachin and is preparing to submit a rival MTO within days, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/bit.ly\/3nqC65c\" style=\"\">Al Mal<\/a><\/span><span> reports citing unnamed sources it says are close to the matter. Information about Compass\u2019 potential revised offer including the targeted stake size and the price tag per share wasn\u2019t disclosed. Compass <\/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=\"\">in January<\/a><\/span><span style=\"font-weight:400;\"> submitted a non-binding offer to acquire a majority stake of 51-90% in Pachin for EGP 30.00 per share.<\/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\">Pachin in the black: <\/span><span>Pachin\u2019s bottomline hit EGP 19.5 mn in 2H 2022, a turnaround from  losses of EGP 12.8 mn in 2H 2021, according to <\/span><span>a statement to the bourse. <\/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 financial advisor to Pachin while Shalakany Law Office is counsel.  Nour Law Office is buy-side counsel to Eagle Chemicals alongside Al Tamimi & Company. <\/span><span style=\"\">Matouk Bassiouny & Hennawy are acting as NPH\u2019s legal counsel<\/span><span>, while <\/span><span>Marei, Fayez, <\/span><span>Dardiry & Partners is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a684bd8f-263d-4cf6-b188-a4d47d25c113\" style=\"\">legal advisor<\/a><\/span><span> to Compass Capital. HC Brokerage is brokering the transaction.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shareholders have until 12 April to respond to Eagle Chemicals\u2019 and NPH\u2019s rival offers<\/p>\n","protected":false},"author":1,"featured_media":584392,"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":[998,6483,72,7196,7128,9179,6816,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-compass-capital","tag-eagle-chemicals","tag-enterpriseam","tag-industry","tag-ma-watch","tag-national-paints-holding","tag-pachin","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"38823b50-f610-4465-8ade-c79c1592564f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/672.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Compass Capital could launch new bid for Pachin as Eagle Chemicals\u2019 MTO goes live","related_issue":[584382],"teaser":"Shareholders have until 12 April to respond to Eagle Chemicals\u2019 and NPH\u2019s rival offers","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.e0770325-2243-4512-88c8-873f4f559af0.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>Compass Capital could launch new bid for Pachin as Eagle Chemicals\u2019 MTO goes live - 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\/30\/compass-capital-could-launch-new-bid-for-pachin-as-eagle-chemicals-mto-goes-live\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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