Polish logistics firm InPost saw shares surge 23% to a six-month high on Tuesday after receiving an indicative takeover proposal worth €6 billion ($7 billion) from a consortium led by private equity firm Advent International. According to reports from Sky News, the consortium is seeking to take the parcel locker operator private. InPost's Amsterdam-listed shares reached their biggest one-day rise on record by 1347 GMT, bringing the company's market value to around €7 billion. The company provided no details on the price and emphasized there was no assurance the proposal would lead to a transaction. Advent previously bought a majority stake in InPost in 2017 but has since reduced its holding and now owns 6.5% of the company, according to InPost's website.
The latest surge represents a dramatic rebound after a challenging period for the shares. The rally extended Monday's 11% gain in high volumes, marking significant recovery momentum for the European parcel delivery company. According to Reuters, InPost lost around 37% of its market value last year and hit a two-year low in November, partly due to concerns that its largest customer in Poland was reducing its reliance on the company for deliveries. The takeover interest has immediately shifted investor focus to the company's strategic value and growth prospects across its nine-country operation.
InPost has established a special committee comprising members of its supervisory and management boards to "carefully consider all aspects of a potential transaction, ensuring that the interests of the company and all of its stakeholders are taken into account." The company had not previously publicly indicated that it was looking for a buyer, making the unsolicited approach particularly significant. JPMorgan analysts noted in a research note that they believed the most credible interest was likely to come from private equity firms, citing the company's "European structural growth strategy as misunderstood by the market" and viewing "the current depressed valuation as attracting increased investor questions around InPost's ownership structure."
Analysts highlighted InPost's appeal as a takeover target following the share price weakness that may not fully reflect its long-term growth prospects. Dan Coatsworth, investment analyst at AJ Bell, noted that InPost appeared attractive to potential buyers given its increasingly strong position in the UK market. "InPost has muscled in on the UK delivery market, becoming a courier of choice for many retailers and people using resale platforms like Vinted," Coatsworth said, as reported by TradingView News. The company has positioned itself as a more efficient alternative to Royal Mail, utilizing a growing network of lockers and undercutting competitors on home delivery prices. In recent years, InPost has expanded through acquisitions, including Menzies Distribution and Yodel, to bolster its UK footprint.
InPost operates across nine countries and runs one of Europe's largest networks of automated parcel machines. According to TradingView News, the group delivered 351.5 million parcels in the third quarter, representing a 34% increase from a year earlier, driven by international expansion. In November, InPost reported a better-than-expected 24% rise in third-quarter adjusted EBITDA. The company has been accelerating its international roll-out as competition in Poland intensifies, making a string of deals last year including buying Yodel in Britain and a Spanish delivery company. However, shares have been weighed down by slower parcel volume growth in Poland, competitive and pricing pressures, and a legal dispute with e-commerce group Allegro over delivery agreements.
InPost's largest shareholder is Czech investment firm PPF Group, which holds a 28.75% stake. According to InPost's website, PPF first invested in the company in 2023, and the fund said in May last year that it was satisfied with its holding and was not planning a takeover offer. The company's founder, Polish billionaire Rafal Brzoska, controls a 12.49% stake through A&R Investments. With Advent International now holding 6.5% after reducing from its previous majority position, the ownership structure presents a complex landscape for any potential acquisition. Despite current challenges, analysts view InPost as "a highly attractive takeover target for someone looking to get ahead in the European parcel delivery market," as Coatsworth concluded.
