DCC founder Jim Flavin rejects board-backed £5.7 billion takeover bid

Jim Flavin, the founder of energy company DCC, has publicly rejected a £5.7 billion takeover offer that his own board supported. A private equity firm made the bid for the Dublin-based company, which is listed on the London Stock Exchange's FTSE 100 index. The board approved the offer, but Flavin said the price was too low and did not reflect the company's true worth. He also criticised the board's decision, calling it poor judgment. Other large shareholders have joined Flavin in opposing the deal. When a company's founder speaks out against a board decision, it can strongly influence how other shareholders vote. The bid now faces serious opposition from some of the company's most important investors.