The Clap PACHIN (PACH) had decided to reject the offer put forward by Saybad Industrial Investments for the acquisition of the company.
The Deets PACHIN had received an offer for 100% of the company’s shares for EGP 16-16.5 per share.
However, they have decided to turn down the offer and turn to a general assembly to assess the due diligence. They believe that the offer undervalues the company.
PACHIN have stated that they will continue to negotiate with Saybad until a fair price is reached and satisfies both parties.
PACHIN is currently around 54% owned by state-owned companies and banks. This acquisition could be the first step in a government exit strategy from the market so that the local private sector benefits.
Who is Saybad? Saybad is an investment company consisting of a group of local investors who are active in the paint industry.