Egypt - The competition for the acquisition of the Paints and Chemical Industries Company – Pachin began to raise controversy in the money market about the fair value of the company’s share. Sources close to the deal told Daily News Egypt that the companies are bidding on the price of the land, not the company’s stocks, explaining that the expected fair value should be lower than the current offers. National Dyes Industries raised the advance purchase price to EGP 39.8 per share, according to the latest amendment, and Eagle Chemicals amended the purchase offer to EGP 39 per share. Daily News Egypt monitored the opinions of some research centres to find out the fair value of the share and whether the bid was on the company or the land. It is likely that the value of Pachin’s share is less than the offered value, and the fair value of the share is estimated in the range of EGP 36.
