Paul Weiss’s London office is advising on the latest bid for Britain’s Royal Mail by Czech billionaire Daniel Kretinsky. The firm is serving its client, EP Corporate Group which recently proposed a fresh offer for Royal Mail’s parent company, International Distributions Services Plc, a deal that values the company at £3.5 billion ($4.4 billion). EP Group, owned by oft-dubbed ‘Czech Sphinx’ Kretinsky, proposed the takeover.
Paul Weiss’ advice to the EP Corporate Group is centered on the financing and structuring element of the proposed offer, an offer which is currently under consideration by International Distributions Services Plc’s board. London co-head Neel Sachdev and partner Stefan Arnold-Soulby are leading the firm’s team, according to individuals familiar with the matter.
Earlier, an EP Group proposal of 320 pence per share was rejected by the board, as it purportedly undervalued the business. In reaction, Royal Mail management sought advice from UK ‘Magic Circle’ firm Slaughter and May, specifically partners Richard Smith and Claire Jackson, as reported by a firm spokesperson. The company has had a long-standing relationship with Slaughter and May.
Takeover guidance provided by Paul Weiss is affirmative for the company, marking the global reach of Paul, Weiss, Rifkind, Wharton & Garrison’s service bolstered by a growing forte in London. The addition of Sachdev and his team from Kirkland & Ellis less than a year ago was instrumental to the London office’s development. Since then, in alignment with the company’s stated ambitions, the company has brought on several high-profile London partners from US and UK firms and moved to new offices.
Paul Weiss has recently cast its footprint beyond the US in recent months, notably with the opening of a Brussels office, marking the firm’s first establishment in continental Europe.