One of the largest energy companies listed on the London Stock Exchange has agreed to a controversial £5.75bn private equity takeover, adding to the growing exodus of companies from the UK market.

US private equity groups KKR and Energy Capital Partners are poised to acquire Dublin-based DCC after its board recommended the offer despite concerns raised by founder Jim Flavin and other major shareholders.

The proposed acquisition follows several recent deals to take British companies private and has already attracted criticism from Flavin, one of DCC’s largest shareholders. “I believe this price is wholly inadequate,” he said.

DCC’s board approved the consortium’s all-cash offer of £65.25 per share. The company supplies liquefied gas and fuels across Europe and the United States.

The bidders also agreed to add a £1.25-per-share incentive, provided that the ongoing sale of DCC’s technology division, Nexora, achieves a specified price.

The cash offer represented a 36% premium to the company’s average share price over the preceding three months.