Royal Mail owner IDS pops after Czech billionaire Kretinsky raises bid

Canvest Environmental Protection

15/05/2024 14:38

** Shares of Royal Mail owner International Distributions
Services  IDSI.L  rise 18.8% to 322.96 pence after touching a
two-year high of 335 pence earlier 
    ** Czech billionaire Daniel Kretinsky's investment vehicle
EP Group has raised its proposal to buy the firm, valuing it at
about 3.5 bln pounds ($4.42 bln)
    ** The sweetened proposal values IDS at 370 pence per share
versus 320 pence a share earlier, which the company had rejected
    ** IDS says its board has indicated to EP Group that it
"would be minded to recommend an offer to shareholders", 
should an offer be made at the level of the latest proposal
    ** Stock up 19.6% YTD and 26.5% since the first proposal was
made public

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.Mathews@thomsonreuters.com;))