In today’s briefing:
- DCC: Firm Offer Agreed — Remaining Conditions and Spread
DCC: Firm Offer Agreed — Remaining Conditions and Spread
- Rule 2.7 confirms the agreed terms and removes the remaining negotiation uncertainty. The principal risks are now shareholder, Court, regulatory and timing approvals ahead of expected Q1 2027 completion.
- The contingent 125p Technology Disposal Additional Consideration resembles a capped call spread, with contractual protections that strengthen its value despite the undisclosed Technology Disposal Hurdle and execution uncertainty.
- At 6,360p, DCC trades 2.6% below the fixed cash consideration, rising to 4.6% assuming the maximum contingent payment, equivalent to estimated annualised gross returns of 4.2% and 7.4%, respectively.
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