British asset manager Aberdeen has announced it will vote against the proposed 7.8 billion euro takeover of European parcel locker operator InPost by a consortium led by FedEx, arguing that the offer undervalues the company and does not reflect its long term growth potential.
The consortium, which includes FedEx, private equity firm Advent International, PPF Group and an investment vehicle linked to InPost chief executive Rafal Brzoska, agreed to the all cash offer earlier this month. The bid values InPost at 15.60 euros per share, translating to roughly 9.2 billion dollars.
Aberdeen, which holds a small stake in InPost, said the proposal is opportunistic and takes advantage of recent share price weakness rather than recognizing the company’s strategic position in Europe’s logistics market. The fund manager has urged InPost’s board to reconsider its backing of the transaction.
InPost operates one of Europe’s largest networks of automated parcel machines and is active in nine countries, including Poland, France, Spain, Portugal, Italy, the Benelux region and the United Kingdom. The company has expanded rapidly as e commerce growth and shifting consumer preferences drive demand for convenient last mile delivery solutions.
Parcel locker networks have gained traction in recent years as retailers and logistics providers seek cost efficient alternatives to home delivery. Automated lockers reduce failed delivery attempts and improve operational efficiency, making them attractive assets in competitive logistics markets.
Supporters of the takeover argue that combining InPost’s locker network with FedEx’s global distribution capabilities could accelerate expansion across Europe. The consortium has indicated that it plans to invest further in scaling operations in key markets, aiming to strengthen InPost’s presence in Western Europe.
However, critics of the deal contend that InPost’s standalone growth prospects are being undervalued. The company has benefited from structural trends in online retail and urban logistics, and some investors believe that improving market conditions could support higher valuations over time.
The disagreement highlights a broader tension in European equity markets, where private equity buyers and strategic investors have targeted listed companies amid periods of share price volatility. With borrowing costs stabilizing and corporate balance sheets relatively strong, takeover activity has picked up in sectors viewed as having resilient cash flows.
InPost’s board has so far endorsed the offer, describing it as providing certainty for shareholders. The final outcome will depend on investor votes and regulatory approvals across relevant jurisdictions.
As debate continues, the proposed acquisition underscores the strategic importance of logistics infrastructure in Europe’s evolving retail landscape and the growing scrutiny applied to major cross border deals.
