IDS Board “minded” to accept cash offer for Royal Mail
The Board of IDS has confirmed that it has received a revised non-binding proposal from EP Corporate Group a.s. fworth about £3.5bn from shareholder and Czech billionaire Daniel Kretinsky.
Keith Williams, Chairman of IDS plc, commented: “The Board is minded to recommend this offer price, which it considers to be fair and reflects the value of GLS’ current growth plans and the progress being made on change at Royal Mail to adapt the business to a significant fall in the demand for letters and growth in parcels.
“It is however regrettable that despite four years of asking, the Government has not seen fit to engage in reform of the Universal Service and thus improve our financial position and ensure that Royal Mail could provide an economically sustainable service to the British public.
“The Board believes that the proposed contractual undertakings to be offered by EP Group should ensure that IDS continues to deliver the key elements of the Universal Service in the UK and protect the interests of the workforce at both Royal Mail and GLS.“
There can be no certainty that any offer will be made.