Major shareholders are pushing back against a £5.7 billion takeover bid for energy services group DCC, arguing the offer from private equity firms KKR and Energy Capital Partners significantly undervalues the FTSE 100 company. Despite DCC’s board indicating a willingness to recommend the enhanced offer of £65.25 per share plus dividends, key investors deem the price insufficient.

Alessandro Dicorrado of Ninety One stated, “I don’t like the price on DCC.” Matt Bennison at Aviva Investors echoed this, calling the proposal a "significant undervaluation" and expressing disappointment if the board recommends it. Both cite DCC’s strong growth prospects, high returns, and attractive cash generation as reasons for a higher valuation.

Fidelity International's Alex Wright, another large investor, believes the revised offer does not reflect DCC’s fair value or long-term potential. He contends that market concerns about fossil fuel distribution are overstated, making DCC a compelling recovery opportunity at its current valuation. The opposition suggests the private equity consortium may need to improve its offer substantially.

The potential delisting of DCC from the London Stock Exchange would represent another blow to the market, following numerous other private equity-led buyouts and moves to US exchanges, highlighting ongoing trends in public-to-private transactions.