Top shareholders in DCC have rejected an improved £5.7bn takeover bid from KKR and Energy Capital Partners. They say the offer still undervalues the FTSE 100 energy group. The consortium added £1.25 per share in cash linked to a sale of DCC’s technology arm Nexora, but the base cash offer stayed at £65.25 with a £1.47 dividend.

Fidelity International, Aviva Investors and Marathon Asset Management argued the price is too low. Matt Bennison of Aviva said the modest increase does not reflect fair value. Nick Longhurst of Marathon highlighted the company’s growth potential in Europe and the US. Alex Wright of Fidelity International insisted a minimum of £70 per share is needed.

Jim Flavin, DCC founder, called the bid “totally inadequate.” The board maintains a duty to act in shareholders’ best interests, but the consortium has not responded. The rejection could be one of the largest take‑private deals off London’s market this year.

The move underscores ongoing pressure on domestic capital markets, as several UK listings exit to US exchanges and private‑equity takeovers. The outcome will influence future bids for London‑listed firms.