DCC has announced it will return up to £600m to shareholders through a tender offer process, subject to shareholder approval.

The announcement comes following the energy business’s sale of DCC Healthcare.

DCC said that it will return this amount by acquiring up to 11.9 million ordinary shares from shareholders, representing up to 12.3% of its current issued share capital. The price to be paid for those shares will be set as part of the tender offer process.

Shareholders have been invited to tender their existing shares within a range of specific prices between share, ranging from £50.20 to £52.30.

The price range represents a premium of up to 6% on its closing share price on 14 November.

DCC said the tender offer represents the "most effective means of returning a significant amount of capital to shareholders in a short space of time".

The company announced last week that it would pay a proposed interim dividend of 69.5 pence per ordinary share on 12 December.

DCC confirmed that the tender offer will not impact shareholders’ entitlement to the interim dividend.

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