DCC Plc Rejects $6.7 Billion KKR Bid as Shares Fall and June Deadline Looms
DCC Plc rejected a £4.95 billion cash takeover bid from Energy Capital Partners and KKR, saying the 5,800-pence-a-share offer undervalued the company. DCC shares fell 5.8% in London after the board’s decision. The bidder group faces a June 10 deadline to make a firm offer or withdraw. J.P. Morgan Cazenove and UBS are advising DCC.