London, June 18, 2026, 15:12 BST
- DCC slipped 0.3% to 6,150p in the afternoon, outperforming the FTSE 100, which was down about 1%.
- The board plans to support a 6,672.22p per share offer, made up of 6,525p in cash and a proposed 147.22p final dividend.
- KKR and Energy Capital Partners have to make a firm offer or drop out by 5 p.m. London time on July 8.
DCC Plc slipped 20p to 6,150p on the London market Thursday afternoon, holding in a range of 6,145p to 6,180p. The move is modest against a near 1% decline in the FTSE 100, where the energy distributor from Dublin trades.
DCC is now trading like a merger-arb situation. Shares are at 6,150p, which is 375p, or about 6.1%, below the 6,525p cash offer that’s been made. The spread points to deal risk—a sign that the market isn’t sure the transaction will go through.
Royal London Asset Management sold 200,000 DCC shares on Wednesday, unloading them at £61.8125 each, a filing from the Irish takeover period shows. That cuts its position to 985,165 shares or 1.1533%. Investors holding over 1% must disclose trades during a takeover. The filing does not comment on the current bid.
DCC released its 2026 annual report Wednesday and set its annual meeting for July 16 in Dublin. That date lands eight days after the consortium’s current deadline to make a formal approach.
KKR and Energy Capital Partners put forward a 6,672.22p per share proposal for DCC, including 6,525p in cash plus a 147.22p final dividend. The DCC board said it is “minded to recommend” this deal, but only if the group makes a binding offer and the terms get signed off on both sides. Morningstar
DCC shareholders eyeing the dividend need to track the dates. The stock traded ex-dividend on May 28. May 29 was the record date, and payout lands on July 23 if it passes the shareholder vote. New buyers now won’t get the 147.22p dividend. For them, the real price to consider is the 6,525p cash piece.
July 8 is the next big date for the consortium, which has until then to make a firm bid or drop out, unless the Irish Takeover Panel gives more time. DCC is letting the group do some confirmatory due diligence but keeps saying there’s still no guarantee it will get an offer.
Berenberg’s James Bayliss called the £58-per-share bid from April “heavily opportunistic.” RBC’s Andrew Brooke said there’s “a good chance that a deal happens,” but questioned how much higher bidders would go. The move comes with FTSE 100 names like Beazley, Schroders and Intertek also getting buyout interest. Reuters
DCC has its own results to lean on if negotiations stall. Adjusted operating profit from continuing operations rose 3.6% to £634 million for the year to March. Adjusted EPS increased by 9.9%. Energy brought in £554.2 million in adjusted operating profit. The numbers show DCC is still distancing itself from the conglomerate model.
The spread isn’t locked in. Buyers could walk after due diligence or delay, or not nail down a binding agreement. That would put DCC at risk of losing its takeover premium. The spread to the cash offer is around 6.1% right now, as investors wait for more deal progress and still see risk in closing.
