KKR-led consortium raises offer for Ireland's DCC to $7.9 billion
KKR•Quarterly trading update and share move
In a separate trading update, DCC said operating profit from continuing operations was ahead of last year and in line with expectations for the first quarter.
Its shares, which have risen more than 7% since the consortium's first approach in April, were up 1% at £63.50 in early trading.
($1 = 0.7389 pounds)
Revised takeover proposal values DCC at £5.81 billion
July 16 (Reuters) - Ireland's DCC said on Thursday that a consortium comprising KKR and Energy Capital Partners had submitted an improved takeover proposal, valuing the energy distributor at £67.97 per share, or £5.81 billion ($7.86 billion).
The proposal retains a cash consideration of £65.25 per share, a proposed final dividend of £1.47 apiece included in an earlier offer and adds a potential payment of up to £1.25 linked to proceeds from the sale of DCC's Nexora technology unit.
The company, which distributes liquid gas, biofuels, and renewable energy to businesses and households, did not say whether it is prepared to back the sweetened bid.
It said the Irish takeover panel extended the deadline for the consortium to make a firm offer or walk away to July 27 following the revised bid.
The consortium has completed due diligence and substantially agreed on deal documentation, the Irish company said, adding that the precise terms of the Nexora sale proceeds adjustment were yet to be agreed.
