<p>The offer document for proposed £3.6bn takeover of Royal Mail parent company couldn’t be more vague</p><p>Surprise, surprise: the proposed £3.6bn takeover of Royal Mail’s parent company, International Distribution Services (IDS), by a Daniel Křetínský-led bidding consortium will generate a fee bonanza for investment bankers, lawyers, debt-arrangers and assorted hangers-on. The grand total is £146m before VAT, with £89.1m falling on the acquirer and £56.9m on IDS, according to the formal offer document.</p><p>It’s a hell of a sum, and the most infuriating element is the £36m that IDS has allocated for “financial and corporate broking advice”. Why? Because that’s the portion that is supposed to reflect the depth, quality and seriousness of the IDS board’s consideration of the fairness of 370p-a-share terms. For such an advisory bill, shareholders might expect maximum financial detail on why the directors rolled over. Instead, in his formal letter to shareholders in the offer document, IDS chair Keith Williams merely served up a cut-and-paste version of his previous sketchy explanation for surrender.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/article/2024/jun/26/fat-fees-for-royal-mails-advisers-no-detail-for-its-shareholders">Continue reading...</a>
Related by source
-
The no-deposit mortgage that lets tenants buy the home they live in … with a gift from the landlord
www.theguardian.com -
French stock market surges and euro gains as investors eye hung parliament – business live
#Business #France #Energy #Economics #Bank of england #England #Culture #The far right #Marine le pen #Unite #Migration #Euro #Sterling #Artwww.theguardian.com -
Boeing to buy supplier Spirit AeroSystems in $4.7bn deal
www.theguardian.com -
Artists target Wimbledon’s ‘strawberries and cream image’ over link to Barclays
www.theguardian.com -
We couldn’t see a thing in our VIP Taylor Swift seats
www.theguardian.com -
London investment bankers to rake in bigger bonuses after two-year slump
www.theguardian.com -
Housing: how 14 years of Tory rule have changed Britain – in charts
www.theguardian.com -
Millions to pay lower summer energy bills as UK price cap drops
www.theguardian.com -
Soaring government debt could roil global financial markets, warns BIS head
www.theguardian.com -
Owner of Port Talbot steelworks offers fresh talks as last furnace faces closure
www.theguardian.com -
UK and EU horticulture firms warn of harm caused by post-Brexit border delays
www.theguardian.com -
UK haulage industry calls for investment in electric truck infrastructure
www.theguardian.com