Regus offices owner IWG PLC (LON:IWG) was the top riser on the FTSE 250 after revealing not one, not two, but three takeover offers after the bell on Friday.
The company said it is mulling over the cash bids, from private equity firms Lone Star, Starwood and TDR, respectively. No details of the offers were released.
Reports over the weekend suggested IWG’s board was open to selling to the company and is looking to begin talks with the bidders.
The prospect of a bidding war sent IWG shares soaring by another 20% on Monday morning to 301.3p.
A happy exit for founder?
RBC Capital reckons there is a “good chance” that a deal will be reached with one of the parties and is expecting the offers to be above 300p given that Canadian property firm Brookfield failed with a 280p bid last year.
“We believe the business would be better off in private hands as it can grow the estate without worrying about short-term EPS,” read a note to clients.
“It also provides Mark Dixon – now aged 58 – [with] a way to cash in and exit the business if he so wishes.”