Ireland’s DCC said on Wednesday it would support a sweetened £5.7 billion ($7.63 billion) takeover bid by a consortium of KKR and Energy Capital Partners if the U.S. private equity firms formalise their offer.
The revised proposal comprises £65.25 in cash and DCC’s proposed final dividend of 147.22 pence per share.
Here are more details:
- Shares in the Dublin-based energy distributor rose 3.3% to 62 pounds apiece after the new proposal.
- The revised bid is 12.5% higher than the £58-per-share cash proposal DCC rejected in April.
- The deadline for the consortium to make a firm offer has been extended to July 8 from June 10.
- The latest proposal is a 24% premium to DCC’s April 28 closing price, a day before it said it was reviewing the consortium’s first bid.
- Earlier on Wednesday, Sky News reported that the consortium was in detailed talks to acquire DCC at a value of more than £5 billion.
