Royal Mail Owner Says Kretinsky's $3.9 Billion Bid Too Low [Financial Post (Toronto, Ontario, Canada)]
J SAINSBURY PLC S/ADR (JSAIY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — The owner of Britain's Royal Mail said it rejected a £3.1 billion ($3.9 billion) bid from Czech entrepreneur Daniel Kretinsky because it “significantly undervalues” the company. International Distributions Services Plc said it turned down the cash offer, worth 320 pence a share, on April 11. The shares surged 28% on Wednesday, closing at 276 pence — still well below the offer price. Article content Article content “The board believes the timing of the proposal is opportunistic,” IDS said in a statement. “It does not reflect the growth potential and prospects of the company under a new management team, a significant modernization program underway at Royal Mail” and the potential for regulatory easing. Kretinsky's EP Group, which already holds a 27.5% stake, had said earlier in the day that it's considering options and wants to “engage construct
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