The recommended takeover offer of Royal Mail owner International Distribution Services PLC (LSE:IDS) by Daniel Kretinsky’s EP Group is likely to be delayed - an experience with which customers of the postal service are well acquainted.
One final regulatory condition to be satisfied is needed before the offer can be declared unconditional, EP said in a statement this morning, relating to clearance for foreign direct investment in Romania.
"We believe this has been held up by the cancellation of the Romanian presidential election," says analyst Gerald Khoo at Panmure Liberum.
EP Group has stated that discussions with the authorities have been progressing well and it does not believe there are any substantive issues relating to the satisfaction of the condition.
However, EP Group expects the final condition to be satisfied in the second quarter 2025, which is a delay relative to the previous guidance for completion in the first quarter.