👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

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

Published 21/04/2024, 09:14
© Reuters. FILE PHOTO: A Royal Mail sign is pictured on a delivery van outside a Post Office, in St Albans, Britain, May 3, 2022.  REUTERS/Peter Cziborra/File Photo
IDSI
-

(Reuters) - Fund manager Redwheel said in a statement on Sunday that it supported Royal-Mail owner IDS' 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 (LON:IDSI).

© Reuters. FILE PHOTO: A Royal Mail sign is pictured on a delivery van outside a Post Office, in St Albans, Britain, May 3, 2022.  REUTERS/Peter Cziborra/File Photo

Kretinsky is working on improving his offer, a source with knowledge of the plans said last week, after his bid was rejected.

(This story has been corrected to say Fund manager, not Hedge fund, in paragraph 1)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.