top of page

LTB 157/24 - IDS TAKEOVER BID UPDATE

No: 157/24


16th May 2024


TO:  ALL BRANCHES


Dear Colleague


IDS TAKEOVER BID UPDATE


Branches will be aware that it was announced yesterday that EP Group, through its vehicle Vesa Equity, have made a further bid for the entire ownership of International Distribution Services, which includes Royal Mail Group and GLS. We expect EP Group to progress this bid in the next 14 days, where we understand conversations will take place with shareholders.


The IDS Board has stated that they are “minded to recommend the offer”. We have attached their statement and the CWU’s press statement on the matter to this LTB.


We also expect the government to investigate this takeover under the National Security and Investment Act, though as of yet, we are unsure of the length and scope of this investigation.


At our recent CWU Conference, we passed an emergency motion on the conditions of any takeover of the company. This motion is also attached to this LTB. We will enact this policy in the coming weeks and have already contacted the government on the takeover. We are also engaged in ongoing conversations with the Labour Party on these matters.


We have been invited to meet with Vesa Equity to discuss our concerns on the takeover bid and this meeting will take place as soon as possible, in accordance with all regulatory and legal requirements.


We will update you further next week on our communication and engagement strategy for our reps and members on this issue, as well as providing further updates on the process.


If you have any questions, please contact jdunn@cwu.org.


Yours sincerely

Dave Ward

General Secretary


Martin Walsh

Deputy General Secretary (Postal) 





139 views0 comments

Kommentare

Mit 0 von 5 Sternen bewertet.
Noch keine Ratings

Rating hinzufügen
bottom of page