Royal Mail owner agrees to £3.57bn takeover by Czech billionaire

Royal Mail, Postal service, Mergers and acquisitions, Business, UK news, Trade unions, Couriers/delivery industry Business | The Guardian

​Cash offer from Daniel Křetínský’s EP Group still needs approval from shareholders and governmentBusiness live – latest updatesThe takeover of Royal Mail by the Czech billionaire Daniel Křetínský has edged closer after its owner agreed terms and conditions on a £3.57bn offer.In an update to the market on Wednesday, the postal service’s parent company, International Distribution Services (IDS), said it had accepted a cash offer from Křetínský’s EP Group.Retaining Royal Mail’s proposals for the USO for a first-class postal service to anywhere in the country for a fixed price six days a week for a period of at least five years. IDS has suggested second-class post could be reduced to every other weekday.Headquarters and tax residency to remain in the UK for five years.Maintaining base salaries and benefits for staff for at least two years.No changes to Royal Mail’s ownership for three years. Continue reading… 

Cash offer from Daniel Křetínský’s EP Group still needs approval from shareholders and government

Business live – latest updates

The takeover of Royal Mail by the Czech billionaire Daniel Křetínský has edged closer after its owner agreed terms and conditions on a £3.57bn offer.

In an update to the market on Wednesday, the postal service’s parent company, International Distribution Services (IDS), said it had accepted a cash offer from Křetínský’s EP Group.

Retaining Royal Mail’s proposals for the USO for a first-class postal service to anywhere in the country for a fixed price six days a week for a period of at least five years. IDS has suggested second-class post could be reduced to every other weekday.

Headquarters and tax residency to remain in the UK for five years.

Maintaining base salaries and benefits for staff for at least two years.

No changes to Royal Mail’s ownership for three years.

Continue reading… 

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