DCC shares rise as ‘minded to recommend’ takeover by consortium
DCC PLC on Wednesday said it would be ‘minded to recommend’ a potential takeover by a consortium, following an evaluation of a revised proposal together with its advisers.
The Dublin-based provider of sales, marketing and distribution services to the energy sector extended the deadline for the consortium consisting of Energy Capital Partners LLC and Kohlberg Kravis Roberts & Co LP, to announce a firm intention to make an offer, to July 8.
Under the potential offer, DCC shareholders would receive a total of 6,672.22 pence per share comprising of 6,525.00p in cash and the proposed final dividend of 147.22p each.
DCC shares rose 3.0% to 6,180.00p each on Wednesday afternoon in London, for a market capitalisation of £5.31 billion.
DCC said: ‘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.
DCC in the past rejected a takeover approach from the consortium on the basis that it undervalued the company’s prospects. In late April, the consortium had proposed a takeover for 5,800p per share in cash.
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