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Heurist Finance

DCC Energy agrees to a £5.75 billion private equity takeover by KKR and Energy Capital Partners despite shareholder opposition.

The Guardian ·
DCC Energy agrees to a £5.75 billion private equity takeover by KKR and Energy Capital Partners despite shareholder opposition.
  • DCC's board has recommended a £5.75 billion takeover bid from US private equity firms KKR and Energy Capital Partners.
  • The transaction offers shareholders £65.25 per share in cash, with an additional £1.25 per share sweetener conditional on the sale price of DCC's technology business, Nexora.
  • The deal faces public opposition from DCC's founder Jim Flavin, as well as institutional shareholders Aviva Investors and Fidelity, who state the price is inadequate.

Quotes

“Why would the board go along with such a charade? I regard this price as totally inadequate,”— Jim Flavin
“represent a bad outcome for shareholders”— Matt Bennison
“represents a compelling and certain opportunity”— DCC's board

Sources