Royal Mail’s parent company, International Distributions Services (LON: IDS), announced Wednesday that it has agreed to a £3.57 billion takeover offer by Czech billionaire Daniel Kretinsky’s investment company EP Group.
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The bid from EP UK, a newly formed company owned indirectly by EP Group and J&T Capital Partners, is 370p per share.
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“The IDS Board has negotiated a far-reaching package of legally binding undertakings and commitments which provide our customers, employees and broader stakeholders with important safeguards,” said Chairman Keith Williams said in a statement.
These commitments cover the provision of the one-price-goes-anywhere Universal Service Obligation, the financial stability and maintenance of the IDS Group, including Royal Mail, the maintenance of employee benefits and pensions, and ensuring Royal Mail remains headquartered and tax resident in the UK.
“It is the IDS Board’s belief that EP will continue to enhance IDS’ investment in strategic areas such as network and out-of-home solutions,” added Williams.
IDS said they feel EP’s offer is fair and reasonable, given the uncertainties ahead, and it allows investors to realise value at a significant premium.
Křetínský said he knows that owning this business will come with enormous responsibility. “The scale of the commitments we are offering to the company and the UK Government reflect how seriously we take this responsibility to the benefit of IDS’ employees, union representatives, and all other stakeholders,” he stated.
Kretinsky’s EP Group improved its bid earlier this month to buy IDS after the London-listed firm rejected a previous 320p per share bid in April.
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