(Reuters) - Royal Mail's parent company International Distributions Services on Wednesday said it had agreed to a 3.57 billion pound formal takeover offer by Czech billionaire Daniel Kretinsky.

The offer valued IDS, which owned the UK's loss-making Royal Mail and profitable international parcels network GLS, at 370 pence per share.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sohini Goswami)