Overview
- DCC’s board formally recommended the offer on Monday, July 27, 2026, agreeing a package that pays 6,525p per share in cash, a 147.22p final dividend and a conditional 125p tied to the sale of Nexora.
- The consortium increased its approach through three rounds of bids from an initial £4.95bn in April to about £5.7bn in June and a maximum near £5.81bn in mid‑July as negotiations progressed.
- Major institutional holders including Aviva Investors and Fidelity International have publicly pushed back, saying the terms undervalue DCC and creating a realistic risk the deal could be voted down or trigger a higher price.
- Deal paperwork and due diligence are reported largely complete, the UK Takeover Panel has extended procedural deadlines, and the transaction is planned as a scheme of arrangement with an expected closing window in early 2027.
- DCC’s recent move to focus on energy distribution made it an attractive target for energy‑focused private equity and the sale would give shareholders cash certainty but leave final proceeds dependent on the Nexora disposal and the shareholder vote.