IWG, the world’s largest serviced offices provider, has rebuffed yet another takeover offer – the fifth attempted bid in as many months.
Prime Opportunities, a Los Angeles-based family office, said on Tuesday that IWG had rejected an approach by its consortium to make an offer for the Regus parent.
It did not disclose how much the cash offer would have been worth but it is understood that the price was the main factor for IWG rejecting the deal.
The US investor said it would consider making another offer and must do so by June 26 under takeover rules. “Prime Opportunities continues to actively consider the possibility of making an offer for IWG and is confident in its ability to submit a further proposal to IWG’s board for its consideration in due course,” it said.
Shares in IWG rose 2.2pc on the news this morning, to 311p.
Prime Opportunities is run by US businessman Pouya David Yadegar, who has mostly invested his family’s wealth in housing in wealthier parts of LA, including Beverly Hills and Brentwood.
Prime Opportunities joins a queue of suitors for IWG in an unprecedented scramble to take over the company, which was founded in Brussels in 1989 by Mark Dixon, who is still its chief executive.
The company revealed earlier this month that it had received an approach from US private equity company Lone Star, as well as two separate indicative proposals from private investment company Starwood Capital and London-based private equity group TDR Capital.
That came weeks after Canadian private equity firm Onex Corp and Brookfield Asset Management walked away from a deal to buy IWG, prompting its shares to plummet more than 15pc.
Analysts suggested earlier this month that the company could sell for as much as 350p per share, which would value the company at £3.2bn. Its current market capitalisation is £2.8bn.
(Source: The Telegraph)