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IWG up as US firm Prime Opportunities Investment reveals UK firm rejected cash takeover approach

Prime Opportunities did not provide any financial details of the rejected offer but said it will continue to "actively" consider the possibility of making a new offer for IWG

Serviced office
The US firm is the fourth bidder for the London-listed firm formerly known as Regus

IWG PLC (LON:IWG) saw its shares gain on Tuesday after US real estate investment company Prime Opportunities Investment Group said it approached the serviced office group regarding a possible cash takeover bid which was rejected.

California-based Prime Opportunities did not provide any financial details of the rejected offer but said it will continue to "actively" consider the possibility of making a new offer for IWG. However, it emphasised that there is no certainty such an offer would be made.

READ: Regus offices owner IWG soars as it mulls THREE takeover offers

The US firm is the fourth bidder for the London-listed firm formerly known as Regus. Earlier this month,  In mid-May, IWG said it was evaluating three possible cash takeover bids from Lone Star Europe Acquisitions, Starwood Capital European Operations and TDR Capital, after Brookfield Asset Management and Onex Corp had earlier in the year decided not make an offer.

In early afternoon trading, IWG shares were 2.2% higher at 310.9p, having gained around a third in value since the bids were disclosed on May 11.

Quick facts: IWG PLC

Price: 411.1 GBX

LSE:IWG
Market: LSE
Market Cap: £3.64 billion
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