UK Mail posts timetable for takeover by Deutsche Post DHL
The board of UK Mail has distributed a circular to its shareholders which sets out a timetable for the Deutsche Post DHL acquisition process. According to the notice published on Wednesday (26 October), there will be a general meeting at the offices of Travers Smith on 18 November at which UK Mail shareholders will vote on the deal.
Assuming the deal gets the go-ahead, dealing in UK Mail shares will be suspended at 5:00 pm on 21 December and UK Mail shares will subsequently be cancelled from listing on the premium listing segment of the Official List and trading on the London Stock Exchange’s main market for listed securities at 8:00 a.m. on 23 December.
As previously reported, on 28 September Deutsche Post DHL Group made a cash offer of £4.40 per share, which effectively values UK Mail at £242.7m.
Deutsche Post DHL believes the acquisition will strengthen the European market position of DHL Parcel, by adding a commercial and operational presence, including pick-up and delivery capabilities in the UK.
Meanwhile, UK Mail has also been promoting its “Midnight Order” service – a novel solution that enables participating retailers’ customers to order goods for next day delivery right up until midnight.
A number of e-commerce brands – including House of Fraser, Missguided, New Look and O2 – have already been using the service, and UK Mail is now looking to promote the service more widely.
Interestingly, Barclaycard published a report yesterday (27 October) which highlighted the growth of what it called the “Vampire Economy” – busy professionals who are hard at work all day and then do their online shopping in the midnight hour. The new UK Mail service seems to dovetail very neatly with this new retail trend.
The deliveries for the UK Mail Midnight order service are made in the convenient 6pm to 10pm time slot, which also fits in rather well with the evening/night owl lifestyle.
Catherine Mill, National Account Director, UK Mail, commented: “With consumers demanding faster, more convenient delivery choices, our Midnight Order service is designed to provide retailers with additional value propositions for their customers.”
