Arab Finance: Eagle Chemicals has raised its mandatory tender offer’s (MTO) price to acquire majority stake in Paints and Chemical Industries (Pachin) to EGP 37, instead of EGP 35, according to a statement by the Financial Regulatory Authority (FRA) on March 27th.

On March 21^st, the FRA revealed that Pachin received a MTO from Eagle Chemicals to acquire a majority stake in the former for EGP 35 per share.

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

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

It is worth mentioning that, on March 23rd, Dubai-based National Paints Holding (NPH) has raised its MTO price to acquire majority stake in Pachin to EGP 36 per share.

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