Arab Finance: Paints and Chemical Industries (Pachin) (PACH) announced that it received a letter from SIPES International for the withdrawal of a non-binding purchase offer (NBO) for 100% of Pachin, according to a filing to the Egyptian Exchange (EGX) on Wednesday.
On November 3rd, Pachin received an NBO from National Paints Holdings for the acquisition of 100% of Pachin’s shares for an initial price of EGP 29 per share.
In August, Pachin received an NBO from SIPES International for 100% of Pachin’s issued capital at an initial price ranging between EGP 17.5 and EGP 18.5 per share.
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.