The revised bid values the Irish energy distributor at £67.97 a share, adds a potential payment tied to the sale of Nexora, and extends the firm-offer deadline to July 27.
DCC said a consortium of KKR and Energy Capital Partners has submitted an improved takeover proposal valuing the Irish energy distributor at £67.97 per share, or £5.81 billion ($7.86 billion). The revised approach keeps the £65.25-per-share cash consideration and the proposed final dividend of £1.47 included in the earlier offer, while adding a potential payment of up to £1.25 a share linked to proceeds from the sale of DCC's Nexora technology unit. DCC did not say whether it was prepared to recommend the latest bid. The Irish takeover panel has extended the deadline for the consortium to make a firm offer or walk away to July 27. DCC said the buyers have completed due diligence and substantially agreed deal documentation, though the exact terms of the Nexora sale-proceeds adjustment remain to be settled. The new proposal follows DCC's rejection in April of an initial £4.95 billion bid and a June offer worth £66.72 a share that the company had indicated it would be willing to recommend. Bloomberg News had reported earlier this week that two of DCC's largest investors, Aviva Investors and Fidelity International, opposed that deal as undervaluing the company. In a separate trading update, DCC said first-quarter operating profit from continuing operations was ahead of last year and in line with expectations. Its shares, up more than 7% since the first approach in April, were 1% higher at £63.50 in early trading.