A consortium that has made a takeover bid for Irish energy distributor DCC has been granted an extension to allow for the finalisation of transaction documentation.<\/p>\n
KKR and Energy Capital Partners has until 15 July to either announce a firm intention to make an offer for DCC or announce that it does not intend to make an offer.<\/p>\n
On 10 June, DCC said it was “minded to recommend” that shareholders accept a proposed increased takeover bid.<\/p>\n
The revised proposal included an offer of \u00a366.72 per share, comprising \u00a365.25 in cash and a proposed final dividend of \u00a31.47.<\/p>\n
It represented an increase of 15% on the first proposal received, and a premium of 33% to DCC’s average share price before the first proposal on 28 April.<\/p>\n
DCC said last month that having carefully evaluated the revised proposal together with its advisers, the board considers that the financial terms are at a level which it “would be minded to recommend to DCC shareholders” should a firm intention to make an offer be announced by the consortium.<\/p>\n
DCC rejected a previous \u00a34.95 billion takeover proposal from the consortium in April saying at the time that it undervalued the company.<\/p>\n
That offer included a cash proposal of \u00a358 a share.<\/p>\n
DCC, which distributes liquid gas, biofuels, and renewable energy to businesses and households, has been divesting non-core healthcare and technology assets to focus on its energy business.<\/p>\n
Its brands include Certa and Flogas.<\/p>\n","protected":false},"excerpt":{"rendered":"A consortium that has made a takeover bid for Irish energy distributor DCC has been granted an extension…\n","protected":false},"author":2,"featured_media":540086,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-540085","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/540085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=540085"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/540085\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/540086"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=540085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=540085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=540085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}