The owner of Royal Mail has said it is "minded" to accept a revised takeover bid by Czech billionaire Daniel Kretinsky.
The latest offer from Mr Kretinsky's investment firm EP Group values the Royal Mail parent company International Distribution Services (IDS) at £3.5bn.
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Mr Kretinsky's firm already owns most of IDS as a 27.6% shareholder but wishes to buy the remaining shares.
An earlier offer had been rejected last month as being too low but now he has offered to pay £3.60 for each share. The day before the original offer was made a share in IDS cost £2.14.
An extra shareholder pay out of 8 pence a share has been offered by EP Group, if the deal closes, as has a 2 pence per share payment to every stakeholder, expected to be paid in September.
It would bring the total value of an IDS share to 73% more than it cost before the prospect of a buyout was raised.
'Good value'
"Having considered the proposal, the board has indicated to EP Group that it would be minded to recommend an offer to IDS shareholders", the IDS board said.
The price is "fair" and reflects the value of current growth plans, the IDS chairman said.
EP Group has until 29 May to advance or withdraw its takeover bid.
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