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Asset manager Redwheel told regulators they should reduce the UK postal service’s legal obligations. The move followed a failed buyout attempt by Daniel Kretinsky for International Distributions Services, its parent company. The billionaire investor was said to be evaluating a possible improved bid. The company meanwhile has petitioned Ofcom to let it cut the number of days per week during which it must deliver second-class mail from six to two or three. That would save the company £300m and see it shrink its workforce by 1,000. According to Redwheel, as first reported by the Sunday Times, the enforced costs of its legal obligations left the company “vulnerable to corporate predators”. – Guardian
Ocado‘s shareholders are pushing the company to study the possibility of a New York listing as opposed to that in London. Indeed, the idea was discussed in detail with shareholders in recent weeks. Those discussions follow the 90% drop in the company’s share price from its peak hit during lockdown. At one point, Ocado’s market value had overtaken those of Sainsbury’s, Marks & Spencer and Morrison’s combined. – The Sunday Telegraph
Foxtons has brought on NM Rothschild as advisers following pressure from some large shareholders for the company to delist and pursue a sale. But other big investors believe that the outfit is on the mend under its new boss, Guy Gittins, who was chosen in 2022. Michael Rapps from Converium Capital thinks Foxtons could fetch between 70p or £1 a share if sold. Among the potential buyers are Platinum Equity, Oakley Capital and European private equity outfit Emeria. – The Sunday Times
888, the owner of William Hill, has put aside over £100m to cover possible legal action overseas. A court in Austria has ruled that any companies doing business in the country have broken the law and must return players’ losses. That is because Casinos Austria, which is backed by the state, has had a monopoly on gambling in Austria since 2016. Hence, some gamblers in Europe had moved to recover their losses. 888 however said that its “extensive” legal advice and opinion received left it “absolutely confident” of its legal and regulatory position. – Financial Mail on Sunday
