KKR-led group raises takeover bid for Ireland's DCC to $7.9 billion

In April, DCC rejected the consortium's initial £4.95 billion proposal, saying it undervalued the company. KKR and Energy Capital returned in June with an improved proposal of £66.72 per share that DCC had signalled its support for.

However, Bloomberg and the Financial Times reported that two of DCC's largest investors, Aviva Investors and Fidelity International, had opposed the deal.

Aviva Investors did not immediately respond to a request for comment. Fidelity International said it would not be commenting on the consortium's latest proposal.

"Whether (the new bid) is enough to persuade one or two dissenters remains to be seen, given it only equates to a c.2% increase in the potential offer, and there is no guarantee of receiving it," RBC Capital Markets analysts said in a note.

In a separate update, DCC said first-quarter operating profit from continuing operations was ahead of last year and in line with expectations.

The parties have until July 27 to finalise a deal.

The KKR-led consortium has completed due diligence and substantially agreed on deal documentation, DCC said, adding that the precise terms of the Nexora sale proceeds adjustment were yet to be agreed.

DCC has been divesting non-core assets to focus on its energy business.

DCC shares, which have gained more than 7% since the consortium's first approach in April, rose to as much as £63.80 on Thursday and were up at by , lagging the bid price.