Almost every aspect of Daniel Křetínský’s fresh offer for the owner of the Royal Mail is unsatisfactory: the price, the identity of the bidder and the sketchy “undertakings” to protect the UK postal service.
First, the terms – 370p a share, or £3.5bn – only look attractive if you think the government, or the next one, will maintain the current blinkered stance of refusing to reform Royal Mail’s six-day-a-week delivery obligations.
