Major Egyptian State-Owned Company Acquired by UAE National After Founder’s Death

The Egyptian Stock Exchange has announced that it has executed an option offer to purchase submitted by the Emirati National Dyes Company for Pachin shares held by the Egyptian government in a deal worth LE 770.4 million or 81%.

The total initial quantity offered in response to the offer was 19.35 million shares at a price of £39.8 per share, bringing the deal to a value of over £770 million.

Notably, Pachin has received about 5 takeover offers since last July after Saipad Industrial Investment Company announced its intention to submit a non-binding offer to buy Pachin shares at a starting price ranging from 16 to 16.5 pounds per share, and then raised the price to 18.75 pounds after the board of directors found that the proposed initial cost did not correspond to the real value of the company.

And Sipes, an international building materials and chemicals company, announced last August that it would submit a non-binding offer to buy Pachin shares at a price of £17.5 to £18.5 a share, after which it apologized for continues to move forward with the acquisition deal.

Last November, holding company National Paints set its highest acquisition price to date at £29 per share.

Source: Cairo 24