(Bloomberg) -- Royal Mail asked UK regulators to swiftly cut back its legal obligation to deliver letters across Britain six days a week, in an effort to fend off Czech entrepreneur Daniel Kretinsky who is weighing a £3.1 billion ($3.9 billion) takeover of the business.

Parent company International Distributions Services Plc on Monday published its submission to communications watchdog Ofcom that sought reform of the UK’s so-called universal service obligation. IDS could save as much as £300 million a year by cutting deliveries of second-class letters — and standard business letters such as bills — to every other weekday, the submission said. 

“These changes should be enacted quickly by Ofcom through changes to postal regulations and conditions and do not require legislation,” IDS said in the statement. 

Kretinsky’s EP Group made a non-binding proposal to buy the business for 320 pence per share, which IDS rejected saying it undervalued the business, partly because it didn’t consider any impact from liberalizing British rules over letter delivery.

Royal Mail has been trying to shift more quickly toward the lucrative market in parcels delivery, spurred by widespread online shopping, but is restricted by its obligation to deliver a dwindling number of letters to addresses even in remote areas of Britain, six days a week.

A bid for IDS could face opposition from some UK politicians who have previously voiced concerns about the 27.5% stake that Kretinsky already owns.

One of IDS’s largest shareholders has already expressed its opposition to a takeover at current levels. Ian Lance, a fund manager at Redwheel, which has a 6.65% stake, said Sunday that Kretinsky’s 320 pence-per-share proposal significantly undervalues the company. The USO needs “urgent reform” to provide “long term relief from the material and unreasonable cost burden,” Lance added.

Ofcom said in January that moving to three-day letter deliveries would save Royal Mail as much as £650 million a year.

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