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Asset manager Redwheel told regulators they should reduce the UK postal service's legal obligations. The move followed a failed buyout attempt by Daniel Kretinsky for International Distributions Services, its parent company. The billionaire investor was said to be evaluating a possible improved bid. The company meanwhile has petitioned Ofcom to let it cut the number of days per week during which it must deliver second-class mail from six to two or three. That would save the company £300m and see it shrink its workforce by 1,000. According to Redwheel, as first reported by the Sunday...

Press release content from Business Wire. The AP news staff was not involved in its creation.

Highlights How Company's Operational Underperformance and Poor Capital Allocation Have Depressed Share Price and Diminished Value for Shareholders Urges Company to Pursue Value-Maximizing Sale Process

Sponsored Not many people would want to leave a steady job to start a new business during a global pandemic. For former Fir Tree partner Aaron Stern, that kind of counterintuitive thinking is par for the course.  Stern, who ran distressed, special situations, and event-driven investments at Fir Tree before launching Converium Capital Management last year, says he’s been a contrarian since his father introduced him to investing and let Stern manage the family’s college savings when Stern was still in his teens.  “I’m a contrarian and problem solver by nature,” said Stern, in his fi...