DCC surges on takeover proposal from Energy Capital, KKR.


DCC surged on Wednesday after the sales, marketing and support services group confirmed its has received a cash takeover proposal from a consortium of US investment firms Energy Capital Partners and KKR.

DCC

Source: Sharecast

"The board of DCC is evaluating the proposal together with its advisers and a further announcement will be made in due course," it said.

It added that there can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made.

Under UK takeover rules, the consortium has until 1700 BST on 10 June to either announce a firm intention to make an offer or walk away.

The shares closed up 10.1% at 5,924.21p.

Danni Hewson, head of financial analysis at AJ Bell, said: "DCC made itself an easier entity to swallow by hiving off its health and technology units to focus on the sale, marketing and distribution of energy.

"The undisclosed cash offer from a private equity consortium comes at a time when DCC is likely to benefit from current elevated energy prices and shareholders will want the company to leverage this advantageous backdrop in any takeover discussions."

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ISIN: IE0002424939
Exchange: London Stock Exchange
Sell:
5,500.00 p
Buy:
6,340.00 p
Change: 500.00 ( 9.29 %)
Date:
Prices delayed by at least 15 minutes

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