KKR & Co. and Energy Capital Partners are deliberating a potential increase to their bid for DCC Plc after the Dublin-headquartered energy provider turned down their initial offer as insufficient, people familiar with the matter said.
The private equity firms had put forward a proposal valuing DCC at £58 per share. Following the rejection, the bidders engaged advisers to help determine whether a higher figure should be offered and, if so, by how much. Those consultations are ongoing and have not yet produced a firm decision.
Sources indicate there is no certainty that KKR and Energy Capital Partners will raise their bid. The private equity investors continue to work through valuation considerations and timing with external advisers, and they have not fixed any revised offer price or set a timetable for any renewed approach.
DCC operates energy sales and distribution across commercial, industrial, public and domestic markets in Europe and the United States. The company rejected the £58-a-share proposal from the private equity suitors on the grounds that it was too low, prompting the bidders to reassess their valuation of the energy group.
At this stage, KKR and Energy Capital Partners are evaluating whether to present a fresh, higher offer to DCC. No new price or schedule has been disclosed by the firms, and deliberations remain in progress with advisers. The outcome of those discussions - including whether a revised bid will be made - remains unresolved.
Context and market implications
The potential for a revised offer puts focus on M&A dynamics in the energy distribution sector and on private equity activity targeting utilities and infrastructure businesses. Any change to the bid could affect shareholder expectations at DCC and will be watched by market participants tracking consolidation and investment flows in energy services.
Until the bidders reach a decision, the situation remains fluid. Stakeholders should expect further updates only if KKR and Energy Capital Partners announce a new price or formally approach DCC again.