Overview
- The bidders, led by KKR with Energy Capital Partners, submitted a revised cash-and-dividend proposal that values DCC at about £66.72 per share, roughly £5.7 billion.
- DCC’s board said it is 'minded' to recommend the improved terms after adviser review, marking a reversal from its unanimous rejection of a £58-per-share approach in April.
- The renewed approach prompted a share rally with DCC stock rising roughly 3% on the reports and about 11–12% since the April approach as investors priced in a higher bid.
- Under UK takeover rules the consortium must either make a firm offer or withdraw by the 'put up or shut up' deadline, reported as 5pm on July 8, or end the pursuit.
- A completed deal would be among the largest energy-sector takeovers in Europe this year and would underline growing private equity interest in fuel distribution and energy infrastructure, with potential implications for jobs and DCC’s business structure.