Irish energy distributor DCC has said it is “minded to recommend” that shareholders accept a proposed increased takeover offer from KKR and Energy Capital Partners.
The revised proposal includes an offer of £66.72 per share, compromising £65.25 in cash and the proposed final dividend of £1.47.
It represents 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.
In a statement, DCC said 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.
“As such, the board of DCC intends to engage in discussions with the consortium to explore the revised proposal in further detail and allow for the consortium to complete a limited period of confirmatory due diligence, and has requested an extension of the current deadline to 5pm on 8 July 2026,” the company said.
DCC rejected a previous £4.95 billion takeover proposal from the consortium in April saying at the time that it undervalued the company.
That offer included a cash proposal of £58 a share.
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. Its brands include Certa and Flogas.
In February, the group forecast robust profit growth for 2026.
Shares in the company rose in London trade today.
