Redwheel backs Royal Mail owner's rejection of Kretinsky share offer

Canvest Environmental Protection

21/04/2024 09:07

April 21 (Reuters) - Hedge fund Redwheel said in a
statement on Sunday that it supported Royal-Mail owner IDS'
 IDSI.L  board decision to unanimously reject a non-binding
share bid from EP Group on 11 April. 
    Redwheel, the third-largest shareholder in IDS, said it was
in full agreement with the board that EP Group's offer of 320
pence per share significantly undervalued IDS and its future
prospects.
    EP Group, owned by Czech billionaire Daniel Kretinsky, made
the cash offer on April 9 for Royal Mail.
    Kretinsky is working on improving his offer, a source with
knowledge of the plans said last week, after his bid was
rejected.

 (Reporting by Chandni Shah in Bengaluru; Editing by Hugh
Lawson)
 ((Chandni.shah@thomsonreuters.com;))