Belgian postal company Bpost has made an ‘improved and friendly’ offer for Dutch peer PostNL, six months after initial talks on a takeover broke down.

Bpost, which is majority owned by the Belgian state, is offering €5.65 per share for PostNL, in a combination of cash and Bpost shares.

The offer is a 31.6% premium on PostNL’s closing price on October 31, when news of a renewed bid leaked out. The deal would also reduce the Belgian state’s stake in the company from 51% to 40%, the Bpost statement said.

PostNL on Monday described the new offer for the company as a ‘conditional and unsolicited proposal’.

‘PostNL has not been in discussions with Bpost about a possible combination of the companies since issuing its press release of 29 May 2016. We have confidence in our stand alone strategy,’ the statement said.

The proposal will now be considered by PostNL’s management and supervisory boards who will ‘carefully consider the interests of all of PostNL’s stakeholders’.

According to broadcaster NOS, economic affairs minister Henk Kamp is not happy with the offer and says a take over would be a retrograde step. PostNL, he pointed out, was privatized deliberately and is doing well as an independent company.

PostNL also published its third quarter figures on Monday. Turnover was down slightly at €770m and there was a further 6% drop in letter post. However, package deliveries were up 12% the company said.