Office provider IWG PLC (LON:IWG) has confirmed that it has received a takeover approach from private equity firm Terra Firma Investments Ltd.
IWG said it is evaluating a possible all-cash offer from Terra Firma with financial advisers and shareholders will be updated in due course.
READ: IWG up as US firm Prime Opportunities Investment reveals UK firm rejected cash takeover approach
The FTSE 250-listed group stressed that there can be no certainty that a formal offer will be made.
Under takeover rules, Terra has until 5pm on July 21 to announced a firm intention to make an offer.
News that Terra Firma was the latest company to join the bidding war for IWG was first reported by Reuters on Friday.
Private equity fund TDR Capital and real estate investment groups Starwood Capital and Prime Opportunities are also interested in buying the group.
IWG, which has offices in about 3,125 locations worldwide, has been fielding a number of suitors after a takeover attempt from Onex and Brookfield Asset Management collapsed in February.