DCC eyed to accept GBP5.7 billion takeover as extends offer deadline
DCC PLC on Wednesday said it extended its deadline for a takeover approach from a consortium led by Kohlberg Kravis Roberts & Co LP and including Energy Capital Partners LLC.
The announcement comes a day after Bloomberg News reported that DCC, a Dublin-based provider of sales, marketing and distribution services to the energy sector, is set to accept a £5.7 billion takeover proposal from the consortium.
The consortium must now announce by 0700 BST on Thursday whether it intends to make an offer or does not intend to do so. The prior deadline would have lapsed on Wednesday afternoon.
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 company.
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.
Shares in DCC closed 0.2% lower at 6,305.00 pence in London on Wednesday.
The revised offer caused DCC to reevaluate its rejection, with the company saying: "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.
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