DCC PLC (LSE:DCC) said it plans to return up to £600 million to shareholders through a tender offer following the completion of the sale of DCC Healthcare, the company said in a regulatory filing.
The structure allows shareholders flexibility over participation and enables a large capital return in a single transaction, unlike an on-market buyback, DCC said.
The proposed offer would allow the company to acquire up to 11.95 million ordinary shares, representing about 12.3% of its issued share capital, subject to approval at an extraordinary general meeting on 11 December.
The company said shareholders may tender shares within a price range of £50.20 to £53.20, or opt for a strike-price tender that accepts whatever final price is set.