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Czech billionaire Daniel Křetínský’s EP Group has lifted its takeover bid for the owner of the UK’s Royal Mail, valuing the group at £5bn.
International Distribution Services, the owner of Royal Mail, said that EP Group had raised its bid to 370 pence a share from 320p, which IDS rejected last month.
Including debt, the improved bid values London-listed IDS at £5bn, up from £4.5bn in the first bid. IDS also owns the fast-growing Netherlands-based parcels business GLS.
Since Křetínský’s first proposal was rejected last month, the two sides have been in talks over an improved bid.
Křetínský, a lawyer-turned-energy tycoon, is the largest shareholder in IDS, with a 27.5 per cent stake. His other UK investments include a stake in supermarket chain J Sainsbury and London football club West Ham United.
EP Group now has until May 29 to make a firm offer for IDS under UK rules governing takeover bids for public companies.
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