Eagle Chemicals raises MTO price for Pachin: FRA

Updated 3/22/2023 9:12:00 AM

Arab Finance: Paint and Chemical Industries Company (Pachin) has received a mandatory tender offer (MTO) from Eagle Chemicals to acquire a majority stake in the former for EGP 35 per share, the Financial Regulatory Authority stated on March 21st.

Eagle Chemicals has offered to acquire between 75% and 100% of Pachin’s shares.

In December, Eagle Chemicals submitted a non-binding offer to fully acquire Pachin at an indicative price of EGP 29.5 per share.

Earlier this month, Dubai-based National Paints Holding (NPH) raised its MTO price for Pachin to EGP 34 per share.

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