Ireland's DCC set to accept $7.6 billion bid from KKR and Energy Capital, Bloomberg News reports
Details of the DCC Takeover Proposal
July 14 (Reuters) - Irish energy distributor DCC is close to accepting a £5.7 billion ($7.64 billion) takeover proposal from a consortium of KKR and Energy Capital Partners despite shareholder pushback, Bloomberg News reported on Tuesday, citing people familiar with the matter.
DCC's shares hit a near six-year high earlier in the session, but were trading marginally lower at £63.45 at 1415 GMT.
Key Points of the Deal
Here are some more details:
DCC's Business and Bid History
• DCC, which distributes liquid gas, biofuels, and renewable energy to businesses and households, signalled its support for a sweetened £65.25 cash per share proposal in June, after rejecting a previous bid which it deemed too low.
Shareholder Reactions
• Two of DCC's largest investors, Aviva Investors and Fidelity International, have previously opposed the deal, saying the buyout firms were undervaluing the company, the report said.
Consortium's Offer and Timeline
• The consortium is pushing ahead with its existing offer ahead of a Wednesday deadline, the report added, with DCC's board close to a final sign-off on the deal.
Responses from Involved Parties
• London-listed DCC and KKR declined to comment on the report, while Energy Capital did not immediately respond to a Reuters request.
Regulatory Deadline
• Under UK Takeover Panel rules, the consortium has until July 15 to make a firm offer for DCC or walk away.
Exchange Rate Information
($1 = 0.7460 pounds)
Reporting Credits
(Reporting by Yamini Kalia in Bengaluru; Editing by Sahal Muhammed)
