A consortium that has made a takeover bid for Irish energy distributor DCC has been granted an extension to allow for the finalisation of transaction documentation.
KKR and Energy Capital Partners has until 15 July to either announce a firm intention to make an offer for DCC or announce that it does not intend to make an offer.
On 10 June, DCC said it was “minded to recommend” that shareholders accept a proposed increased takeover bid.
The revised proposal included an offer of £66.72 per share, comprising £65.25 in cash and a proposed final dividend of £1.47.
It represented 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.
DCC said last month 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.
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.
