Czech Billionaire Offers To Buy Royal Mail Staff Shares

Royal Mail staff shareholders are being asked to sell their stock to Czech billionaire Daniel Křetínský as his company begins lobbying investors to accept his offer to buy the postal firm. The West Ham director [...]

The post Czech Billionaire Offers To Buy Royal Mail Staff Shares appeared first on Transport News.

Royal Mail staff shareholders are being asked to sell their stock to Czech billionaire Daniel Křetínský as his company begins lobbying investors to accept his offer to buy the postal firm.

The West Ham director made a formal submission of £3.57bn to parent company International Distribution Services (IDS) in May and it recommended that shareholders accepted his offer of 370p per share.

This is more than the 315p it is trading at and significantly higher than the 220p it was worth before Křetínský’s first offer to buy the company.

He already owns 27.5% of Royal Mail and he needs the approval of shareholders of three quarters of IDS to buy up the remaining 72.5% Shadow business secretary Jonathan Reynolds has written to Křetínský seeking assurances that Royal Mail will remain headquartered and tax-resident in the UK.

The post Czech Billionaire Offers To Buy Royal Mail Staff Shares appeared first on Transport News.