DCC will compulsorily acquire the outstanding share capital in Flogas. Following acceptances from shareholders for its offer, DCC needs just 0.3 per cent of the Flogas capital.
Under the partial share offer, more than one third of share holders elected to receive new DCC shares instead of cash. The number of such shareholders has been scaled back to around 19.5 per cent, with the balance being paid in cash and/or loan notes. Prior to the offer, DCC had 78.1 per cent of Flogas and offered 275p a share for the remaining shares. That offer was subsequently increased to an effective 300p.