Egypt - Dubai-based National Paints Holding (NPH) has raised its mandatory tender offer’s (MTO) price for Paints and Chemical Industries (Pachin) (PACH) to EGP 34 per share, according to a statement by the Financial Regulatory Authority (FRA) on March 7th.
As per the submitted MTO, the Emirati company is seeking to acquire up to 100% of Pachin, or at least a 75% stake.
In November, National Paints offered an initial price of EGP 29 per share for the potential acquisition.
Pachin is an Egypt-based public shareholding company that operates in the production, marketing, and distribution of paints, varnishes, industrial chemicals, printing inks, animal extracts, and other related products.
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