UPDATE 1-Ireland's DCC set to accept $7.6 billion bid from KKR and Energy Capital, Bloomberg News reports
KKR & Co KKR | 0.00 |
Adds details and background throughout
July 14 (Reuters) - Irish energy distributor DCC DCC.L is close to accepting a £5.7 billion ($7.64 billion) takeover proposal from a consortium of KKR KKR.N and Energy Capital Partners despite shareholder pushback, Bloomberg News reported on Tuesday, citing people familiar with the matter.
DCC's shares hit a near six-year high earlier in the session, but were trading marginally lower at £63.45 at 1415 GMT.
Here are some more details:
DCC, which distributes liquid gas, biofuels, and renewable energy to businesses and households, signalled its support for a sweetened £65.25 cash per share proposal in June, after rejecting a previous bid which it deemed too low.
Two of DCC's largest investors, Aviva Investors and Fidelity International, have previously opposed the deal, saying the buyout firms were undervaluing the company, the report said.
The consortium is pushing ahead with its existing offer ahead of a Wednesday deadline, the report added, with DCC's board close to a final sign-off on the deal.
London-listed DCC and KKR declined to comment on the report, while Energy Capital did not immediately respond to a Reuters request.
Under UK Takeover Panel rules, the consortium has until July 15 to make a firm offer for DCC or walk away.
($1 = 0.7460 pounds)
