Royal Mail owner International Distribution Services rejects Daniel Kretinsky takeover but another bid is being explored

The owner of Royal Mail has rejected an attempt by its biggest shareholders to take over the business but another bid is in the works. Czech billionaire Daniel Kretinsky already owns 27.5% of International Distribution Services , which owns Royal Mail, but earlier this month he put forward a cash offer to buy the remaining shares. Follow Money latest:Nearly 20% of first-time buyers now in their 40s That was rejected but Mr Kretinsky's company - EP Group - still wants to own all of IDS.

In recent years it has been hit by postal worker strikes and fines for missing delivery requirements. The company's finances have been hit, with fewer letters being sent in recent years. Its chairman said in 2022 it was losing £1m a day. Last month it put forward plans to end second-class letter deliveries on Saturdays and to cut the service to every other weekday.

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