The owner of Royal Mail has failed to publish its annual business update scheduled for early Thursday morning as the group heads towards a possible overseas takeover.
London-listed International Distribution Services told markets it would release its full-year financial results at 7am on Thursday, but no news was available by 11.30am.
This came a week after the company said it was “willing” to agree to a takeover by Czech billionaire Daniel Kretinsky.
Mr Kretinsky, whose EP Group owns a 27.5 percent stake in the company, made an offer worth around £3.5 billion on 15 May.
There were no further announcements about the deal last week, but Business Minister Kemi Badenoch said Royal Mail’s universal service obligation must be protected in any sale of the company.
IDS said Mr Kretinsky had agreed to offer a series of “contractual commitments” to protect important public interest factors, while recognising Royal Mail’s status as an important part of the national infrastructure under the proposal.
These would include commitments to Royal Mail’s plans to maintain first-class letter delivery six days a week as part of the universal service, to protect workers’ rights and to maintain the Royal Mail brand and its head office and tax residence in the UK.
Mr Kretinsky has until 5pm on 29 May to submit a firm offer after the City Takeover Panel agreed to an extension of the so-called “put up or shut up” deadline, which was originally set for 5pm on Wednesday 15 May.
Royal Mail, which was privatised in 2013, submitted plans to Ofcom earlier this month to eliminate second-class letter delivery on Saturdays and limit the service to every other working day as part of a restructuring effort.
Responding to Ofcom’s consultation on the future of the Universal Postal Service, Royal Mail said it would maintain a six-day-a-week first-class mail service, backtracking on previous calls to abolish Saturday letter delivery altogether.
IDS shares traded 1 percent lower on Thursday morning.
IDS declined to comment.
