Royal Mail owner International Distribution Services said it has agreed to a £3.57 billion takeover offer from Czech billionaire Daniel Kretinsky’s EP Group.
The offer would see EP Group buy IDS for 370p per share, while offering a series of “contractual commitments and intentions” to protect public service aspects of the Royal Mail.
IDS said if the deal goes through Royal Mail would continue its universal service obligation to one-price-goes-anywhere first-class post six days a week, and keep the company’s branding and UK headquarters.
It also said it would protect existing employment rights of all IDS staff, and that there is “no intention to make any material changes to overall headcount or reductions in the number of frontline workers” beyond existing plans.
