The company "International Distribution Services," which owns the Royal Mail, has announced that it has accepted a takeover offer of £3.57 billion ($3.88 billion) from the "IP Group," owned by Czech billionaire Daniel Kretinski.

Under the offer, the "IP Group" will acquire "International Distribution Services" for 370 pence per share, with the group set to provide a series of "commitments and contractual intentions" to safeguard aspects of the Royal Mail's public service, as reported by the British news agency "PA Media."

"International Distribution Services" stated that if the deal goes through, the Royal Mail will continue its commitment to providing services and will retain its brand and headquarters in the UK.

The company added that it will protect the rights of all its employees, and that "there is no intention to make any substantial changes to the total number of employees or reduce the workforce" beyond current plans.

Dave Ward, the general secretary of the Communication Workers Union, said today, Wednesday: "We welcome some of the commitments made, but the reality is that postal workers across the UK have lost all faith in the Royal Mail's senior management."