Royal Mail-owner IDS is set to agree a £3.5 billion ($4.42 billion) takeover by Daniel Kretinsky if the Czech billionaire tables a formal offer, the firm said.
International Distributions Servicesbillion) takeover by Daniel Kretinsky if the Czech billionaire tables a formal offer, the British firm said on Wednesday.
IDS shares soared as much as 23% to 335 pence, their highest level in two years. They were last up 15% at 315 pence at 14:39 GMT. Royal Mail, whose red post boxes decorated with the Royal Crest can be seen across Britain, has since suffered several setbacks including labour unrest and resistance to its plans to transform into a parcels-led firm.
"The board has sought, and EP Group has agreed to offer as part of the proposal, a set of contractual undertakings to protect key public interest factors and recognise Royal Mail's status as a key part of national infrastructure," IDS said.
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