Universal for Paper & Packaging Materials (Unipack)
On Dec. 6, Pioneers Holding for Financial Investment submitted a tender offer for all shares of Universal for Paper & Packaging Materials (Unipack) at LE 7.50 a share. This represented a 24-percent premium over the previous trading day’s closing price. The offer values the company at a PE ratio of 19.5, based on the earn- ings of the past 12 months, which reached LE 3.08 bil- lion. Pioneers Holding already has an indirect 32.5-per- cent stake in Unipack through one of its subsidiaries. The stock jumped 27 percent over the period from LE 5.55 to LE 7.05, trading 828,000 shares in five days after the offer announcement versus only 252,000 shares in 14 days.