Ireland-based energy distributor DCC has indicated it would support a revised £5.7bn ($7.63bn) acquisition proposal from a consortium led by KKR & Co Inc and Energy Capital Partners, provided the private equity group proceeds with a formal offer, according to a report by Reuters.
The updated proposal values DCC at £65.25 per share in cash, alongside the company’s planned final dividend of 147.22 pence per share, according to the company’s announcement. The revised terms represent a meaningful uplift on the consortium’s earlier £58 per share approach, which DCC had previously rejected.
Market reaction was positive, with DCC shares rising around 3.3% to approximately £62 following confirmation of the improved bid. The latest offer implies a roughly 12.5% increase versus the earlier proposal and reflects a 24% premium to DCC’s closing price on 28 April, just before the company confirmed it was evaluating the initial approach.
The deadline for the consortium to table a binding offer has also been extended, moving from 10 June to 8 July, giving both sides additional time to finalise negotiations. Market participants had earlier pointed to growing speculation around a potential deal, with Sky News reporting that discussions were already at an advanced stage and valuing the business above £5bn.
