UK takeover panel extends deadline for DCC takeover offer by KKR, Energy Capital consortium

KKR & Co

KKR & Co

KKR

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July 8 - The UK Takeover Panel on Wednesday further extended until July 15 the deadline for a consortium of KKR KKR.N and Energy Capital Partners to make a firm offer for DCC DCC.L, the Irish energy distributor said.

The extension comes over a month after the London-listed company announced its backing to the U.S. investment firms' sweetened £5.7 billion ($7.62 billion) proposal, when the deadline was pushed to July 8.

  • The revised proposal comprises £65.25 in cash and DCC's proposed final dividend of 147.22 pence per share.

  • DCC earlier rejected the consortium's £4.95-billion proposal, saying it undervalued the company.

  • Financial Times reported earlier this month that some of DCC's largest shareholders, including Fidelity International, Aviva Investors and Ninety One, opposed the revised bid, saying the offer undervalued the company.

  • DCC has been simplifying operations and sharpening focus on its core energy business by stepping up acquisitions in Europe's liquid gas markets and divesting non-core units such as healthcare and technology.

($1 = 0.7485 pounds)


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