LONDON - EP UK Bidco Limited, a company owned by EP Group, a.s. and J&T Capital Partners (WA:CPAP), a.s., has reached agreements in principle with the Communication Workers Union (CWU) and the Communication Managers Association (CMA Unite), EP announced today. These preliminary agreements are essential steps in EP's acquisition of International Distribution Services plc (IDS).
The agreements with the CWU and CMA Unite, which represent Royal Mail (LON:IDSI)'s frontline and managerial workers respectively, outline the ongoing relationship between Royal Mail and the unions. However, these agreements are pending internal approvals by the unions. Details of the terms will be disclosed following these approvals and will be contingent upon the successful completion of the acquisition.
On May 29, 2024, Bidco announced its intention to acquire the entire issued and to be issued share capital of IDS, excluding shares owned or controlled by VESA Equity Investment S.à r.l. An offer document was subsequently published to IDS shareholders on June 26, 2024.
The acquisition is part of a strategic move by EP and J&T to expand their portfolio in the distribution sector. This latest development is a significant step toward finalizing the deal, indicating progress in the negotiation process with key stakeholders.
Further announcements will be made once the internal approval processes of the CWU and CMA Unite are completed. In the meantime, a copy of this announcement is available on the IDS website, with access restrictions for individuals in certain jurisdictions.
The information in this article is based on a press release statement.
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