Royal Mail owner International Distribution Services said it has agreed to a £3.57bn takeover offer from Czech billionaire Daniel Kretinsky’s EP Group.
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NewsTranscript
00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 I bring you some breaking business news. Royal Mail parent firm International Distribution Services
00:14 said its board of directors has agreed to a £3.57 billion takeover offer from the Czech billionaire and shareholder, Daniel Kratinski.
00:24 Mr Kratinski's EP Group vehicle, which owns 27.6% of the business, made a formal offer for the business after initial proposals earlier this month.
00:35 The deal will see EP pay £370 per share to investors in IDS. Shareholders will vote on the deal at IDS's next annual general meeting in September.
00:48 Some major breaking business news this morning. Royal Mail's parent firm International Distribution Services said its board of directors has agreed to a £3.57 billion takeover offer.
01:02 My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.