Ireland's DCC signals support for sweetened $7.6 billion buyout bid (updated)
UPDATE 1-Ireland's DCC signals support for sweetened $7.6 billion buyout bid Recasts to change sourcing, updates shares, adds detail and graphic
June 10 (Reuters) - Ireland's DCC said on Wednesday it would support a sweetened £5.7 billion ($7.63 billion) takeover bid by a consortium of KKR KKR.N and Energy Capital Partners if the U.S. private equity firms formalise their offer.
The revised proposal comprises £65.25 in cash and DCC's proposed final dividend of 147.22 pence per share.
Here are more details:
Shares in the Dublin-based energy distributor rose 3.3% to 62 pounds apiece after the new proposal.
The revised bid is 12.5% higher than the £58-per-share cash proposal DCC rejected in April.
The deadline for the consortium to make a firm offer has been extended to July 8 from June 10.
The latest proposal is a 24% premium to DCC's April 28 closing price, a day before it said it was reviewing the consortium's first bid.
Earlier on Wednesday, Sky News reported that the consortium was in detailed talks to acquire DCC at a value of more than £5 billion.
($1 = 0.7466 pounds)
(Reporting by Rishab Shaju, Nithyashree R B and DhanushVignesh Babu in Bengaluru; Editing by Vijay Kishore)
((Rishab.shaju@thomsonreuters.com ; +91 9048142177))
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Brief: DCC Says Shareholders To Receive 6672.22 Pence Per Share In Cash Under Revised Proposal