30th Apr 2026 10:00
(Alliance News) - DCC PLC on Thursday said it had rejected a takeover approach from a consortium led by Kohlberg Kravis Roberts & Co LP on the basis that it "undervalues" the company's prospects.
Shares in DCC, a Dublin-based provider of sales, marketing and distribution services to the energy sector, fell 4.9% to 5,590.00 pence on Thursday morning in London, for a market capitalisation of GBP4.79 billion.
They had surged as high as 6,235.00p each on Wednesday morning, when DCC said it was "evaluating" a cash proposal from New York-based KKR and New Jersey-based Energy Capital Partners LLC.
However, DCC on Thursday confirmed that the day prior, it had "unanimously and unequivocally rejected" an unsolicited advance for 5,800p per share in cash, which DCC's board says "fundamentally undervalues the company and its future prospects".
KKR and Energy Capital Partners have until June 10 to confirm whether or not they intend to submit a firm offer for DCC.
JPMorgan Cazenove and UBS Group AG are acting as financial advisers to DCC in relation to the possible transaction.
By Holly Munks, Alliance News reporter
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