DCC PLC on Monday announced plans to return up to 600 million British Pounds to shareholders through a tender offer, using proceeds from the recent sale of its healthcare division.
The move is part of a previously announced 800 million British Pound capital return program as the Dublin-based group simplifies its operations to focus on its energy business.
The company said it will offer to buy back up to 11.95 million shares, representing about 12.3% of its share capital.
Shareholders are invited to tender their shares within a price range of 50.20 to 53.20 British Pounds, a premium of up to 6% to the closing price on Nov. 14, according to the company.
DCC said a tender offer was the most effective means of returning a significant amount of capital to shareholders swiftly.
The offer, which is subject to shareholder approval at a Dec. 11 meeting, will close on Dec. 17.
The company noted the plan does not impact the interim dividend announced last week.
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DCC plc said Wednesday it has completed the sale of its healthcare division and plans to return an additional 600 million British Pounds to shareholders as it focuses on its energy business.