Daniel Kretinsky, known as the Czech Sphinx, has until 5pm today to leave or make a bid for Royal Mail parent company IDS.
The future of Royal Mail hangs in the balance as the deadline approaches for a Czech billionaire to make a takeover bid.
Daniel Kretinsky, known as the Czech Sphinx, has until 5pm today to withdraw or make a bid for Royal Mail’s parent company, International Distributions Services (IDS).
Last month, IDS rejected a £3.2 billion (or 320 pence per share) offer from the tycoon.
The postal service said the offer undervalued the company and considered it “opportunistic.”
Kretinsky, 48, already owns 27.5 per cent of IDS and is co-owner of West Ham United and has a stake in Sainsbury’s.
But his company EP Group is already working on an alternative offer to convince IDS.
A deal with EP Group would see Royal Mail come under foreign ownership for the first time since it was established by Henry VIII in 1516.
Chancellor Jeremy Hunt last month expressed concern about the bid and said there were lessons to be learned from the crisis at Thames Water. IDS shares lost 4.4 percent yesterday.