|
DCC PLC on Thursday said the consortium led by Kohlberg Kravis Roberts & Co LP and including Energy Capital Partners LLC has further improved its takeover proposal, prompting DCC to extend the deadline for a firm offer to July 27. Late on Wednesday, DCC had extended its deadline for an offer by a day to Thursday from Wednesday. Back in June, DCC said it would be ‘minded to recommend’ a revised proposal from the consortium, having previously rejected an offer that it said undervalued the Dublin-based provider of sales, marketing and distribution services to the energy sector. Under the revised June offer, DCC shareholders would receive a total of 6,672.22 pence per share, comprising 6,525.00p in cash and the proposed final dividend of 147.22p each. The ‘further improved proposal’ disclosed on Thursday retains the 6,525.00 pence per share cash offer and proposed 147.22 pence final dividend, while adding a contingent payment of up to 125 pence per share share linked to proceeds from the sale of Nexora, the rebranded DCC Technology business. The total offer rises to 6,797.22p per share from 6,672.22p previously, valuing the company at £5.81 billion. DCC shares were up 1.1% to 6,375.00 pence in London early Wednesday following the announcement, giving a £5.45 billion market capitalisation. The revised offer in June had prompted the DCC board to reevaluate its rejection, with the company saying at the time: ‘Having carefully evaluated the revised proposal together with its advisers, the board of DCC considers that the financial terms of the revised proposal are at a level which the board of DCC would be minded to recommend’ should the consortium announce a firm intention to make an offer. On Thursday, DCC said it has agreed to KKR’s request for an extension to the put-up-or-shut-up deadline ‘in light of the improved financial terms of the proposal’. DCC is holding its annual general meeting on Thursday and provided a trading update in advance of it. Operating profit on a continuing basis was ahead of a year prior and in line with expectations in the three months that ended June 30, DCC’s financial first quarter. Trading in both its Energy and Technology divisions was ahead year-on-year. DCC said it still expects strategic progress, growth and continued development activity in 2026, while saying the sale of the Nexora technology business remains on track for agreement by the end of the calendar year. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
