The Clap
Sources claim Saybad withdrew its acquisition offer for Pachin (PACH).
Backstory
Saybad had offered to acquire up to 90% of the paint giant, & has been in a bidding war with another paint giant, Sipes.
Deets
The delay in allowing the two bidders to start due diligence on Pachin, as well as unsuccessful talks around the latter’s piece of land in Hadaeq Al Qubbah, were the reasons behind the withdrawal according, to sources.
However
Pachin announced it has not received anything that confirms Saybad revoking its offer.
Now what
Pachin biggest shareholder had hinted that they’re open to selling Pachin, but not at the prices offered.
