Yet another bidder vying for Pachin: Eagle Chemicals wants to acquire 100% of Paint and Chemical Industries (Pachin) for EGP 29.5 a share, the highest offer Pachin has received yet, according to an EGX disclosure (pdf) filed by the Financial Regulatory Authority yesterday. The bid is a 1.7% premium to the UAE’s National Paints Holdings’ takeover bid, valuing the company at EGP 708 mn.

What’s next? Eagle Chemicals will now conduct due diligence on the company, the statement said. Pachin is set to respond to NPH’s offer in January, as we reported earlier.

Two bidders are out of the race: Universal Building Materials and Chemicals (Sipes) and Saybad Industrial Investment have both withdrawn takeover bids after Pachin rejected them for undervaluing the firm.

REMEMBER- The play for Pachin comes amid the government’s privatization push, which should see it reduce its involvement in or exit certain industries to make way for the private sector. Pachin is currently approximately 54% owned by state-owned companies and banks.

Advisors: Al Ahly Pharos is providing financial advice to Pachin while Shalakany Law Office is counsel.