DCC (LSE:DCC) confirmed it had received an unsolicited, indicative and conditional cash proposal from Energy Capital Partners, and Kohlberg Kravis Roberts & Co, on 29 April, and the board unanimously rejected it that day.
The proposal comprised 5,800p in cash per DCC share and assumed no further distributions or dividends would be declared or paid from the date of the Proposal.
"It fundamentally undervalues the company and its future prospects," the board said.
Under Rule 2.6(a) of the Irish Takeover Rules the Consortium must, by not later than 5.00 pm (London time) on 10 June, either announce a firm intention to make an offer or announce that it does not intend to make an offer.
