Royal Mail owner rejects bid approach from Czech billionaire

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Royal Mail owner International Distribution Services has seen shares soar higher after it was revealed the group rejected a takeover approach from shareholder and Czech billionaire Daniel Kretinsky. The group said: “It does not reflect the growth potential and prospects of the company under a new management team, a significant modernisation programme underway at Royal Mail, and the ongoing review by Ofcom in relation to the Future of the Universal Service Obligation.” The sprawling EP Group conglomerate – which has interests spanning energy, logistics and food retail – has already built up a stake of around 27.5% in the Royal Mail owner through Mr Kretinsky’s Vesa Equity Investment vehicle, making it the biggest investor in IDS. EP Group said it recognises the “challenging situation” faced by Royal Mail, but would be prepared to support “this iconic business as it transforms and rebuilds into a modern postal operator”. The group said: “As a committed long-term investor in the UK, EP Group recognises the importance of the Royal Mail business to its various stakeholders, including employees, trade unions, customers and government, as the UK’s sole designated universal service provider.