KKR, Energy Capital in talks to acquire Ireland's DCC for over $6.7 billion, Sky News reports
KKR, Energy Capital in talks to acquire Ireland's DCC for over $6.7 billion, Sky News reports June 10 (Reuters) - A consortium including U.S. investment firms KKR KKR.N and Energy Capital Partners is in detailed talks to acquire Ireland's DCC DCC.L, valuing the energy distributor at over £5 billion ($6.69 billion), Sky News reported on Wednesday.
DCC in late April rejected the consortium's £58-per-share or £4.95-billion proposal, saying it undervalued the company.
Here are more details:
Sky News said the revised offer values DCC at around £65 per share, representing a 12% increase from the earlier rejected bid.
Shares of the London-listed company were up 2.8% at £61.75. The stock has gained about 11.5% since the April offer, based on Tuesday's close.
The consortium faces a 5.00 pm GMT deadline on Wednesday to make a firm offer or abandon its pursuit for six months under UK takeover rules.
A spokesperson from DCC declined to comment on the report. KKR and Energy Capital Partners did not immediately respond to a Reuters request for comment.
($1 = 0.7475 pounds)
(Reporting by Rishab Shaju and Nithyashree R B in Bengaluru; Editing by Vijay Kishore)
((Rishab.shaju@thomsonreuters.com ; +91 9048142177))