DCC holders oppose £5.7B KKR-ECP bid before July 8 deadline

£5.7B is the deal value now under pressure in DCC's possible take-private transaction. The Financial Times reported on July 3 that Ninety One, Aviva Investors and Fidelity International are opposing the revised proposal from KKR and Energy Capital Partners, even after DCC's board indicated it would be minded to recommend the terms if a firm offer is made.

The revised economics are precise: £65.25 in cash plus a proposed £1.4722 final dividend per DCC share, or £66.7222 in total value per share. The proposal clears the finance crawler's Tier-1 M&A filter by a wide margin because it is above $500M and would remove a FTSE 100-listed energy distributor from the public market if completed.

The market issue is shareholder acceptance, not only price. FT reported that Ninety One's Alessandro Dicorrado said he opposed the bid, while Aviva Investors' Matt Bennison said the proposal significantly undervalues the business. Fidelity International was also cited among investors resisting the current terms. Their argument is that DCC's simplified energy platform, cash generation and acquisition runway are not fully reflected in the offer.

DCC's own investor page frames the company as a focused energy business and lists FY26 figures of £554.2M in DCC Energy adjusted operating profit, £689.6M of free cash flow and 18.8% return on capital employed. Those numbers explain why the opposition is about more than a small spread: shareholders are testing whether the control premium compensates for the standalone plan.

The next date is July 8, 2026 at 5:00 p.m. London time, the deadline by which the consortium must announce a firm intention to make an offer or walk away under the extended Irish takeover timetable. Until a Rule 2.7 offer is announced, the transaction remains a possible offer rather than a binding acquisition.

Sources: Financial Times, July 3, 2026; DCC investor page; MarketScreener summary of the June 10 DCC proposal.

Not investment advice. Verify all figures with primary sources before acting.