Egypt’s Eagle Chemicals raises offer for Pachin amid bidding war with UAE’s National Paints Holding

Bidding war for Pachin continues to heat up: Eagle Chemicals yesterday boosted its offer for EGX-listed Paint and Chemical Industries (Pachin) in response to Dubai-based National Paints Holding’s (NPH) new bid last week, the Financial Regulatory Authority (FRA) said in an EGX disclosure (pdf) 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 bid NPH put in at the end of last week. The Egyptian chemicals company’s revised offer values Pachin at some EGP 888 mn, according to our math.

Up next: The FRA is studying Eagle Chemical’s revised offer. Pachin shareholders have until Tuesday, 4 April (one week from today) to respond to NPH’s mandatory tender offer.

Is Compass still in the running? Compass Capital had offered to buy 51-90% of the company’s shares at EGP 30.00 per share back in January and hasn’t revised its offer since.

Market reax: Pachin’s shares fell 3.1% to EGP 36.00 yesterday.