Story
UK Panel Extends Deadline for KKR-Led Takeover Bid for DCC to July 15
Summary
The UK's Takeover Panel has granted an extension for a consortium led by U.S. investment firms KKR and Energy Capital Partners to make a formal offer for Irish energy distributor DCC. The new deadline for the proposed £5.7 billion deal is now July 15.
The UK Takeover Panel has extended the deadline for a consortium of U.S. investment firms KKR and Energy Capital Partners to announce a firm intention to make an offer for DCC. The Irish energy distribution company confirmed on Wednesday that the new deadline is July 15, pushed back from the previous date of July 8.
The extension follows DCC's announcement more than a month ago that it would support the consortium's revised proposal, valued at approximately £5.7 billion ($7.62 billion). The offer includes £65.25 in cash per share, along with DCC’s proposed final dividend of 147.22 pence per share.
Previously, DCC's board had rejected an earlier £4.95 billion proposal from the investment firms, stating that it undervalued the company. The current, higher offer has also reportedly met with resistance from some key investors.
AdAccording to a Financial Times report, several of DCC’s largest shareholders, including Fidelity International, Aviva Investors, and Ninety One, have opposed the revised bid, also arguing that it undervalues the London-listed company. DCC has been simplifying its operations to concentrate on its core energy business, making acquisitions in European liquid gas markets while selling non-core healthcare and technology units.