Ireland's DCC signals support for sweetened $7.6 billion buyout bid
DCC's Response to Revised Buyout Offer
June 10 (Reuters) - Ireland's DCC said on Wednesday it would support a sweetened £5.7 billion ($7.63 billion) takeover bid by a consortium of KKR and Energy Capital Partners if the U.S. private equity firms formalise their offer.
The revised proposal comprises £65.25 in cash and DCC's proposed final dividend of 147.22 pence per share.
Key Details of the Revised Proposal
Share Price Reaction
Shares in the Dublin-based energy distributor rose 3.3% to 62 pounds apiece after the new proposal.
Comparison to Previous Offer
The revised bid is 12.5% higher than the £58-per-share cash proposal DCC rejected in April.
Offer Deadline Extension
The deadline for the consortium to make a firm offer has been extended to July 8 from June 10.
Premium Over Previous Closing Price
The latest proposal is a 24% premium to DCC's April 28 closing price, a day before it said it was reviewing the consortium's first bid.
Consortium's Acquisition Talks
Sky News Report
Earlier on Wednesday, Sky News reported that the consortium was in detailed talks to acquire DCC at a value of more than £5 billion.
Additional Information
($1 = 0.7466 pounds)
Reporting Credits
(Reporting by Rishab Shaju, Nithyashree R B and DhanushVignesh Babu in Bengaluru; Editing by Vijay Kishore)
