The Clap
Pachin’s (PACH) largest shareholder is unhappy with the price of the most recent takeover offer at EGP 30 per share, on the back of the new FX rates, according to sources.
Background
Pachin received several acquisition offers, the latest of which was an offer from Compass Capital to acquire up to 90% of Pachin for EGP 30 per share.
What
Sources say that the company relies on exports and has investments in Libya, which makes it benefit significantly from the current FX rates.
So what
The company’s shareholders value the company at more than EGP 30 per share.
Now What
According to sources, Eagle Chemicals and National Paints, the previous bidders, are strongly considering raising their bids to more than EGP 30 per share.
