DCC surges on takeover proposal from Energy Capital, KKR

(Sharecast News) - DCC surged on Wednesday after the sales, marketing and support services group confirmed its has received a cash takeover proposal from Energy Capital Partners and KKR.

"The board of DCC is evaluating the proposal together with its advisers and a further announcement will be made in due course," it said.

It added that there can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made.

Under UK takeover rules, the consortium has until 1700 BST on 10 June to either announce a firm intention to make an offer or walk away.

At 1000 BST, the shares were up 13% at 6,075p.

The shares were boosted earlier in the session after markets blog Betaville suggested that DCC may have attracted takeover interest.

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