DCC Plc said on Monday that it will return up to £600m to shareholders following the £1bn sale of its healthcare unit earlier this year.
The former conglomerate is proposing a tender offer which will see it acquire up to 11.9m ordinary shares, representing 12.3% of the current issued share capital.
It is inviting investors to tender their stock for between £50.20 and £53.20 per share.
DCC said the offer was "the most effective means of returning a significant amount of capital to shareholders in a short space of time".
Dublin-based DCC first announced in late 2024 that, following a strategic review, it planned to break itself up to focus solely on its energy business. It has since sold off its healthcare unit to a subsidiary of private equity firm Investindustrial Advisors in a deal that valued the business at £1.05bn
It has also announced the sale of its Info Tech business to private equity firm Aurelius for around £100m.
Approval for the tender offer will be sought at an extraordinary general meeting on 11 December.
Should investors back the proposal, the tender offer - which opens today - will close on 17 December.
DCC said the tender offer would have no impact on the interim dividend.