LONDON, July 4, 2026, 16:02 BST
- DCC last traded at 6,100p/6,110p on Friday, off 1.62%. The FTSE 100 gained 0.25%.
- Friday’s mid-price was 6.4% under the 6,525p cash leg set out in the latest KKR/ECP offer. The 147.22p final dividend has already gone ex-div.
- The bidders face a 5 p.m. London deadline on July 8 to either make a formal offer or drop out.
London trading was closed Saturday, so DCC Plc LON:DCC kept Friday’s ex-dividend price as its reference heading into next week’s takeover deadline. The stock didn’t move much for a deal situation, but what happened counts: the shares dropped even as some investors wanted a higher bid.
DCC traded at 6,105p late Friday, around 420p below the 6,525p per share cash offer from the Energy Capital Partners and KKR & Co. NYSE:KKR group. If you add the 147.22p final dividend, the spread widens to 567.22p. But since the shares are ex-div, the cash offer is the main comparison for new buyers.
| Friday takeover math | Pence per share | Gap to 6,105p mid |
|---|---|---|
| DCC Friday mid-price | 6,105.00 | — |
| Revised cash offer | 6,525.00 | up 420.00p / 6.9% |
| Offer with final dividend | 6,672.22 | up 567.22p / 9.3% |
| Fidelity’s floor | 7,000.00 | up 895.00p / 14.7% |
Fidelity International, the top shareholder in DCC, told The Irish Times the higher bid “still undervalues the company.” Alex Wright, who manages Fidelity’s special situations and special values funds, said he would not take “anything below £70 in cash per share.” Fidelity funds hold 6.9% of DCC, the paper reported. The Irish Times
Opposition to the bid grew Friday, with the Financial Times saying Ninety One Plc LON:N91, Aviva Investors, part of Aviva Plc LON:AV, and Fidelity all pushed back on the £5.7 billion offer. Alessandro Dicorrado, UK equity manager at Ninety One, told the FT, “I don’t like the price on DCC.” Matt Bennison, head of UK equities at Aviva Investors, called the proposal one that “significantly undervalues” the company. Financial Times
The market isn’t reading the holder revolt as a clear shot at a higher bid. Instead, it’s seeing more deal risk. DCC’s board said June 10 they’d probably recommend the new terms if a formal bid comes with the same numbers, but also said no guarantee any offer would happen. The Irish Takeover Panel pushed the deadline to July 8.
Friday’s action came off more like a takeover list than regular trading. Fidelity’s site flagged a July 3 Irish Takeover Panel note along with a stack of Form 8.3 and Form 38.5 filings for DCC. That kind of disclosure usually shows up for names in an offer phase.
The operating outlook is a sticking point for some shareholders. In May, DCC posted adjusted continuing operating profit for 2026 at £634.0 million, up 3.6%. Free cash flow came in at £689.6 million, with return on capital employed at 16.8%. CEO Donal Murphy called DCC “simpler, more focused” and said the £830 million operating profit target for 2030 is still in sight. Investegate
| DCC continuing operations | FY2026 | FY2025 | Change |
|---|---|---|---|
| Revenue | £15.44 bln | £15.90 bln | -2.9% |
| Adjusted operating profit | £634.0 mln | £612.1 mln | +3.6% |
| DCC Energy adjusted operating profit | £554.2 mln | £535.5 mln | +3.5% |
| DCC Technology adjusted operating profit | £79.8 mln | £76.6 mln | +4.3% |
| Free cash flow | £689.6 mln | £588.8 mln | +17.1% |
| ROCE, continuing | 16.8% | 16.5% | +30 bps |
The first bid came in at 5,800p a share. The new cash part is now 12.5% higher, and the total offer with the final dividend is roughly 15.0% more. But that’s still under the £70 number mentioned by Fidelity, and just 2.8% over DCC’s 6,345p one-year peak, according to AJ Bell.
DCC has a busy week ahead. The offer period ends July 8. DCC’s annual meeting happens July 16, with shareholders set to vote on the final dividend and a move to change the company name to DCC Energy plc. AJ Bell says the dividend is slated for July 23.
