Aberdeen's opposition to the takeover of InPost by FedEx and Advent

The British fund Aberdeen announced that it would block the EUR 7.8 billion offer to take over InPost by the consortium of FedEx and Advent International. According to the fund managers, the proposed amount does not reflect the real value of the parcel locker operator, and the very moment of announcing the offer was considered an attempt to take advantage of temporary declines on the stock exchange.

The consortium offered shareholders EUR 15.60 for each InPost share, which is a price 17% higher than the stock exchange price before the publication of the announcement. The plan assumes that after the company is delisted from the stock exchange, FedEx and the Advent International fund will take over equal shares of 37% each in the company's share capital. Although Aberdeen controls only 0.2% of the shares, their vote is an important signal for other minority investors, especially since the InPost management board officially supports the proposal and encourages its adoption.

The Aberdeen Trust claims that FedEx is trying to “hunt” InPost in the hole. In 2025, many technology and logistics companies in Europe were subject to price adjustments due to energy costs and interest rates. Although the objection will not block the transaction, it may create a snowball effect among other – possibly larger – investors.

Despite criticism from smaller shareholders, the InPost management board recommends sale. The merger with FedEx would give InPost “fuel” to fight giants such as DHL or Amazon on Western markets. Additionally, after delisting, it takes the pressure of quarterly results off the company's shoulders.

Strategic benefits for FedEx

For the American logistics giant, FedEx, the acquisition of a Polish company is a key element of expansion on the old continent. The transaction would provide the company with immediate access to the infrastructure of over 61,000 parcel machines, responding to the growing needs of the e-commerce market for out-of-home (OOH) deliveries.

What's next for InPost?

According to the plan, despite the ownership change, InPost would retain its brand, current management team and headquarters in Poland. The transaction is scheduled for completion in the second half of 2026however, its implementation depends on obtaining the required regulatory approvals and the support of an appropriate number of shareholders.

Let us recall that InPost debuted on the Euronext stock exchange in Amsterdam in January 2021. At that time, the price in the public offering (IPO) was EUR 16.00 per share, which valued the company at approximately EUR 8 billion. As you can see, FedEx's offer is almost identical to the valuation from 5 years ago, even though during that time InPost increased its scale of operations (including spending it on the number of parcel machines: then 12,000, now over 61,000) and expanded its operations to the British and French markets.

It is estimated that the optimal amount would be EUR 17-18 per share.

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