About 787,000 shares of the Paints and Chemical Industries Company (Pachin) responded positively to the mandatory tender offer (MTO) submitted by the National Paints Holding, at a value of EGP 39.8 per share. The company’s stock closed near the highest bid price, reaching EGP 39.08 per share, by the end of Wednesday’s trading session. National Paints aims to purchase up to 24 million shares, representing 100% of the company’s issued capital, with a minimum execution rate of 75%. National Paints and Eagle Chemicals are competing to buy the company. On Wednesday, the Financial Regulatory Authority specified, in a statement, that the period of validity of the National Paints’ MTO expires on 2 May 2023.
