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FTSE 100 movers: DCC gains on improved takeover proposal; software stocks fall
(Sharecast News) - London's FTSE 100 was up 0.1% at 10,237.47 in afternoon trade on Wednesday. DCC was the top gainer on the index after saying it has received an improved takeover proposal from US private equity firm KKR and Energy Capital Partners at 6,672.22p per share that it would be minded to recommend to shareholders.
In April, DCC announced that it had rejected a 5,800p proposal from the consortium on the basis that it "fundamentally" undervalued the group and its prospects.
However, it said on Wednesday that since then, it has received a series of further proposals from the consortium, the latest being 6,672.22p. This comprises 6,525.0p in cash and the proposed final dividend of 147.22p per share for the year to the end of March 2026.
The revised proposal represents a premium of around 15% to the initial proposal and 33% to DCC's volume-weighted average share price of 5,005p for the three-month period ended 28 April.
Having carefully evaluated the most recent offer with its advisers, DCC said the financial terms are at a level which the board would be minded to recommend to shareholders should a firm intention to make an offer be made.
On the downside, software-related stocks Relx, Experian, Sage Group, Pearson, LSEG and Autotrader were all lower.
FTSE 100 - Risers
DCC (CDI) (DCC) 6,180.00p 3.00% Games Workshop Group (GAW) 19,120.00p 2.90% Smurfit Westrock (DI) (SWR) 3,070.00p 2.71% Associated British Foods (ABF) 1,934.50p 2.38% SEGRO (SGRO) 723.80p 2.14% Land Securities Group (LAND) 642.50p 2.06% Metlen Energy & Metals (MTLN) 41.35p 2.05% Tesco (TSCO) 464.80p 2.04% JD Sports Fashion (JD.) 86.20p 2.03% British Land Company (BLND) 411.20p 2.03%
FTSE 100 - Fallers
Relx plc (REL) 2,508.00p -3.65% Mondi (MNDI) 710.60p -3.51% Experian (EXPN) 2,549.00p -2.52% The Sage Group (SGE) 831.60p -2.40% Pearson (PSON) 1,130.00p -2.08% London Stock Exchange Group (LSEG) 8,932.00p -2.02% HSBC Holdings (HSBA) 1,288.40p -1.71% Autotrader Group (AUTO) 459.60p -1.46% Rightmove (RMV) 427.60p -1.42% Diageo (DGE) 1,488.50p -1.23%
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