DCC, one of FTSE 100’s biggest energy firms, agrees £5.75bn takeover
Summary
DCC, a major energy company listed on the London Stock Exchange, has agreed to a £5.75 billion takeover offer from two US private equity firms, KKR and Energy Capital Partners. The company’s board supports the deal, but the founder and some large shareholders oppose it, claiming the offer undervalues the company.Key Facts
- DCC is one of the largest energy companies listed on the London Stock Exchange.
- US private equity companies KKR and Energy Capital Partners plan to buy DCC for about £5.75 billion.
- The DCC board recommends the takeover despite objections from its founder, Jim Flavin, and significant shareholders.
- Jim Flavin believes the offer is too low given the company’s plan to increase profits by 2030.
- The takeover price is £65.25 per share in cash, with an extra £1.25 per share if a related sale meets a price target.
- The offer is 36% higher than DCC’s average share price before the takeover talks were public but still faces shareholder opposition.
- Large shareholders like Aviva and Fidelity consider the price inadequate and plan to vote against the deal.
- DCC’s board says the offer provides a guaranteed cash gain for shareholders immediately.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
