Compass Capital joins race to acquire Pachin
The Financial Regulatory Authority (FRA) has received a letter of intent from Compass Capital to submit a non-binding purchase offer on the shares of Pachin.
In a statement to the Egyptian Exchange, the FRA stated that Compass Capital aims to acquire a stake of no less than 51% and up to 90% of the targeted company’s capital in order to maintain its listing on the Egyptian Exchange.
It added that the bidder set the initial price of the share at EGP 30, provided that the final price is determined based on the results of the due diligence examination of the target company.
Compass has set conditions for conducting a due diligence examination on the financial, legal and commercial aspects of Pachin and any of its subsidiaries in a satisfactory manner and without the existence of any material reasons that would negatively affect the financial value of the company or its activity, and the absence of a material event that would negatively affect Pachin’s financial condition or activity from the date of this letter to the date of submission of the final offer.