Slaughter and May is advising IDS on its £3.5billion recommended all cash offer by EP Group

Slaughter and May is advising International Distribution Services plc (“IDS”) on the recommended all cash offer by EP UK Bidco Limited (“EP Group”), a subsidiary of EP Corporate Group a.s., for the entire issued and to be issued share capital of IDS not already owned by affiliates of EP Group.

IDS is the parent company of Royal Mail and GLS. Slaughter and May has advised IDS and Royal Mail for many years, including on its privatisation and initial public offering in 2013.

The total value of the offer values IDS at approximately £3.5billion and represents a premium of approximately 72.7% to IDS’ closing share price prior to the commencement of the offer period.

In assessing the terms of the offer and its recommendation, the IDS Board has also been very mindful of Royal Mail’s unique heritage and responsibilities as the designated Universal Service Provider in the UK. To that end, the IDS Board has agreed with EP Group a comprehensive package of undertakings to be offered to the UK Government and as well as contractual commitments, which together safeguard the interests of IDS’ customers, employees and broader stakeholders.

Slaughter and May worked as part of an integrated team alongside Mark Amsden, Group General Counsel, and Darren Heilig, Deputy General Counsel, at IDS.

Claire Jackson, partner at Slaughter and May said, “It has been a real privilege to advise our longstanding client IDS on this landmark transaction, and especially the features which are designed to protect the unique role of the Royal Mail as part of the UK’s national infrastructure.”

Corporate
Richard Smith Partner
Claire Jackson Partner
John Papanichola Senior Consultant
Wallis Rushforth Associate
Charlotte Eynon Associate
Charlotte Hair Associate
James Brown Associate

Leyla Manthorpe-Rizatepe / Trainee, Cyrus Lo / Trainee, Robert Chamberlain / Trainee

Competition and Foreign Direct Investment
Lisa Wright Partner
Jessica Staples Senior Counsel
Robert Walmsley Associate
Helen Byrne Associate
Employment and Incentives
Rachel Hunter Associate
Tammy Randall Associate
Pensions
Chris Sharpe Partner
Will Amor Associate

Alice Boneham / Trainee

Financing
Financial Regulation
Nick Bonsall Partner
Connor Williamson Associate
Jay Welch Associate
Tax
Gareth Miles Partner