DCC rejects 5,800p a share takeover proposal from Energy Capital, KKR

(Sharecast News) - DCC said on Thursday that it had rejected a 5,800p per share cash takeover proposal from US investment firms Energy Capital Partners and KKR. "The board of DCC has carefully reviewed the proposal with its advisers and unanimously concluded that it fundamentally undervalues the company and its future prospects," said the sales, marketing and support services group.

As a result, the proposal was unanimously and unequivocally rejected on Wednesday.

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.

See latest RNS on Investegate