IWG rejects offer approach from US group Prime Opportunities

Global serviced office provider IWG has rejected an offer approach from a consortium of investors led by US real estate investment company Prime Opportunities Investment Group.

Prime is the fourth bidder for London-listed IWG, which disclosed earlier this month it had received separate rival indicative bids from US private equity group Lone Star as well as from Starwood and TDR Capital.

In a statement on Tuesday, California-based Prime Opportunities said it was considering making another offer for IWG, adding that it was confident of submitting a further proposal to the company.

Under UK takeover rules, Starwood, TDR and Lone Star have until June 8 to make a firm offer or walk away, while Prime Opporunities’ deadline is June 26.

Canadian firms Onex and Brookfield Asset Management made a joint approach for IWG in December, only for takeover talks to fail at the start of February.

Earlier this year, IWG rejected a €3 bn takeover offer from Canada’s Brookfield Asset Management and private equity group Onex after deciding that it continues 'to have an exciting future as an independent company'.

IWG operates in about 3,000 locations in 100 countries. Although it is best known for its Regus brand, it operates flexible shared offices under the Spaces name that compete with US start-up WeWork.


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