Royal Mail's owner accepts £3.57bn takeover offer from Czech billionaire Daniel Kretinsky’s EP Group

IDS said the offer would see Royal Mail continue its universal service obligation to one-price-goes-anywhere first class post six days a week, and keep the company’s branding and UK headquarters.

It also said it would protect existing employment rights of all IDS staff, and that there is “no intention to make any material changes to overall headcount or reductions in the number of front-line workers” beyond existing plans.

The board said the offer reflects “the progress being made on change at Royal Mail, as well as the execution risks associated with delivering longer term value for shareholders in light of uncertainty over the nature and timing of universal service reform.”

The potential sale has already attracted heavy scrutiny, with senior politicians and unions voicing concerns over the future of the postal service, which was privatised in 2013.

Business Secretary Kemi Badenoch met IDS bosses earlier this month for talks on the deal, and underlined the need to protect services for the vulnerable, those in remote areas and small businesses.

Mr Kretinsky, who is already a 27 per cent shareholder in IDS, is said to be known as the “Czech Sphinx” and has a raft of other investments, including stakes in London football club West Ham United and supermarket giant Sainsbury’s.

Shadow business secretary Jonathan Reynolds said on Wednesday: “Royal Mail is an iconic British institution with a unique place in our society and infrastructure. Labour will take the necessary steps to safeguard its undeniable identity and place in public life.

“These assurances are welcome that Royal Mail will retain its British identity and safeguard its workforce with no compulsory redundancies.”

Communication Workers Union general secretary Dave Ward said on Wednesday: “We do welcome some of the commitments that have been made but the reality is postal workers across the UK have lost all faith in the senior management of Royal Mail and the service has been deliberately run down.

“We will meet with EP Group next week.”