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DCC Receives Improved Takeover Offer From Energy Capital Partners, KKR

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UK-listed Irish energy company DCC has received an improved takeover proposal from the consortium comprising of Energy Capital Partners and Kohlberg Kravis Roberts, it said on Thursday.

As per the terms of the original proposal, DCC shareholders were to receive 66.72 British pounds ($90.11) per share in cash, including 65.25 pounds in base cash consideration and 1.47 pounds final dividend for the financial year ended March 31 2026, subject to shareholder approval at a July 16 AGM.

Along with the base cash consideration and dividend, the new offer proposes an additional payment of 1.25 pounds/share if the sale of DCC Technology generates at least $800 million in net proceeds, with the additional payment decreasing or reducing to zero if the sale proceeds are lower, according to a DCC filing.

Following a request by the consortium, DCC sought an extension of a deadline under Rule 2.6(a) of the Irish Takeover Rules, also called PUSU, for the finalization of some aspects of the deal.

The request has been granted by the Irish Takeover Panel and the consortium is now required to confirm its intention to make an offer for DCC by July 27. However, there is no certainty that an offer will be made, the filing said.

Earlier this week, Bloomberg reported that KKR and Energy Capital Partners were nearing an agreement to acquire DCC for 5.7 billion British pounds ($7.6 billion), despite opposition from some major shareholders who argue the offer undervalues the energy distribution firm.

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