May 15, 2024
Royal Mail owner poised to accept £3.5bn takeover bid
The owner of Royal Mail is poised to accept an improved takeover bid worth about £3.5bn from shareholder and Czech billionaire Daniel Kretinsky. It marks an improvement on the initial 320p-a-share cash bid made in April for the shares in IDS that it does not already own. In an update to investors, Royal Mail's parent company said it would be "Minded to recommend" the new proposal on the updated terms and price, should a firm bid be made. IDS said Mr Kretinsky, whose investment vehicle currently owns a 27.6% stake in the firm, had agreed to offer a set of "Contractual undertakings" to protect key public interest factors due to Royal Mail's major role in UK national infrastructure. This would include commitments to Royal Mail's plans to keep six-day-a-week first class letter deliveries under the universal service, protect workers' rights as well as the Royal Mail brand, and keep its headquarters in the UK..
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