Related Articles
Daniel Kretinsky – known as the Czech Sphinx – has until 5pm today to walk away or make a bid for Royal Mail’s parent company IDS
The future of Royal Mail hangs in the balance as the deadline looms for a Czech billionaire to make a takeover offer.
Daniel Kretinsky – known as the Czech Sphinx – has until 5pm today to walk away or make a bid for Royal Mail’s parent company International Distributions Services (IDS).
Last month IDS snubbed a £3.2billion – or 320p per share – offer from the tycoon,
The postal service said the offer undervalued the company, deeming it ‘opportunistic’.
Kretinsky, 48, already owns 27.5 per cent of IDS and co-owns West Ham United and holds a stake in Sainsbury’s.
But his firm EP Group has been working on an alternative offer to win over IDS.
A deal with EP Group would see Royal Mail taken into foreign ownership for the first time since it was established by Henry VIII in 1516.
Chancellor Jeremy Hunt last month voiced concerns over the offer, saying there were lessons to be learned from the crisis at Thames Water. IDS shares lost 4.4 per cent yesterday.
