Czech sphinx puts his stamp on Royal Mail deal

Some Czechs don’t bounce. The notion that Daniel Kretinsky will drown the posties in debt, imperilling the finances of the Royal Mail owner International Distribution Services, looks far-fetched. The billionaire has enough loot to buy, run and invest in the business without Thames Water-style antics. So the bigger question, apart from the political ones, is whether he’s paying enough for it.

Kretinsky has persuaded the IDS board, chaired by Keith Williams, to roll over for £3.6 billion, or £5.3 billion including net debts: a 370p-a-share cash offer that, in fairness, any board would struggle not to put to shareholders, given the 72.7 per cent premium. And Kretinsky’s bid financing doesn’t look alarming. Already the owner of a 27.6 per cent stake, he’s funding his offer