The owner of
Royal Mail has backed a £3.5bn offer for the postal company from a Czech billionaire after he sweetened the value of his planned takeover, creating a political headache for the government. Last month, Royal Mail’s parent company, International Distributions Services (IDS),
rejected a preliminary offer worth 320p a share, or £3.1bn, from Daniel Křetínský, the part-owner of West Ham United whose company, EP Group, is the postal service’s shareholder. Křetínský, known as the
Czech Sphinx for his low profile and inscrutable approach, also has stakes in Sainsbury’s, as well as a string of power stations. He already owns a 27.6% stake in IDS.
The takeover will hand a windfall to the thousands of postal workers who were given shares in privatisation and have retained their shares. Shareholders will also receive a special dividend if the deal is completed, worth £76m....IDS will publish its annual results on 23 May and, under City takeover rules, Křetínský has until 29 May to make a firm bid.
the Guardian
They'll be watching the enquiry with some concern next week, when former CEO Paula Vennells explains her behaviour towards former employees during her tenure. I don't imagine a Czech billionaire poses much of a threat to national security considering how much of our country is already owned by the Saudi monarchy and Qatar.