Cash offer from Daniel Křetínský’s EP Group still needs approval from shareholders and government
has edged closer after its owner agreed terms and conditions on a £3.57bn takeover bid by the Czech billionaire Daniel Křetínský.
In an update to the market on Wednesday, the postal service’s parent company, International Distributions Services , said it had accepted a cash offer from Křetínský’s EP Group. The deal means Křetínský, who currently owns more than 27% of IDS, pays 360p a share for the struggling postal service.The deal can still be scrutinised and blocked by the business secretary, Kemi Badenoch, under the National Security and Investment Act.
EP is expected to present a series of undertakings to the government, including pledges not to make compulsory redundancies or split up the group, which also includes the international parcels arm GLS.Get set for the working day – we'll point you to all the business news and analysis you need every morningUK to look at security implications of Křetínský Royal Mail bidRoyal Mail owner backs £3.
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