A consortium led by KKR and Energy Capital Partners is finalizing a £5.7 billion ($7.64 billion) acquisition of Irish energy distributor DCC Plc. The DCC board expects to approve the takeover proposal before a July 15 regulatory deadline.
The board signaled its intent to accept a sweetened cash offer of £65.25 per share plus a dividend. This revised proposal represents a 33% premium over DCC’s average share price prior to the initial April bid.
The transaction is proceeding despite opposition from major shareholders Aviva Investors and Fidelity International. Both firms maintain that the offer continues to undervalue the company.