DCC Backs KKR's Sweetened $7.6B Takeover Bid; Deadline Extended to July 8
KKR sits 16% above its 52-week low of $82.67.
Summary
KKR, in partnership with Energy Capital Partners, has sweetened its takeover bid for Ireland's DCC to £5.7 billion ($7.63 billion), and DCC has now signaled its support for the offer. The revised proposal includes £65.25 in cash and DCC's proposed final dividend per share. This follows KKR's initial takeover proposal for DCC in April and recent reports of detailed talks. DCC's backing significantly increases the probability of KKR closing this material acquisition. The consortium has until July 8th to formalize the offer.
At the time of this announcement, KKR was trading at $95.50 on NYSE in the Finance sector, with a market capitalization of approximately $86.1B. The 52-week trading range was $82.67 to $153.87. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.