DCC Says it Intends to Accept Revised $7.6 Billion KKR Consortium Offer Proposal

By Joe Stonor

DCC said it would recommend an improved 5.7 billion pounds ($7.63 billion) takeover offer from private-equity firms KKR and Energy Capital Partners to shareholders if a formal offer is made.

Under the latest proposal, accepting shareholders would get 6,525 pence in cash and the proposed final dividend of 147.22 pence per DCC share, the marketing and support-services provider said Wednesday.

The price is an 11% premium to DCC's closing share price of 6,000 pence on Tuesday.

The private equity group's revised approach is a 15% increase on its April offer for the FTSE 100-listed company, which DCC rejected.

DCC said it agreed to an extension of the deadline for the consortium to make a formal offer for the company or walk away until July 8 so that the companies can continue talks.

DCC shares were up 180 pence, or 3%, at 61.80 pounds in mid-afternoon European trading. They are currently up 33% over the year to date.

Write to Joe Stonor at [e-mail]

(END) Dow Jones Newswires

06-10-26 0948ET