The Clap According to Al Mal, Saybad Industrial Investments is considering revising the price offered to acquire PACHIN (PACH), to compete with Sipes’s offer.
Background Saybad submitted an acquisition offer for 90% of PACHIN with a minimum of 51%. The price offered was between EGP 16-16.5 per share, an offer that PACHIN refused.
Several days ago, Sipes submitted an offer to acquire 100% of PACHIN with a minimum of 60% for EGP 17.5-18.5 per share.
Price Increase Saybad requested that PACHIN allows them to begin their due diligence in order to revise the price offered and come in with a final offer.
Sipes’s offer is set to be discussed in PACHIN’s next board meeting.
Why this Matters? Sources say that the desire of PACHIN’s main shareholder (Holding Company for Chemical Industries with a 44.63% stake) to exit the company is part of the government’s plan to exit from the market and give the private sector more opportunities to invest.