Prime Opportunities pulls out of the race to buy IWG

Real estate investor Prime Opportunities didn’t give a reason but said it would not be making an improved offer for IWG

IWG issued a profit warning at the end of June

Prime Opportunities, one of the parties looking to snap up IWG PLC (LON:IWG), has decided not to make an office for the serviced office provider.

The US real estate investment group had an initial approach rejected back in May and told the market it would “actively” consider coming back with a new offer.

READ: IWG slumps as it issues profit warning

It has decided not to return with an improved bid though and gave no explanation why.

FTSE-250 IWG issued a profit warning at the end of June, claiming its UK business is “not performing to management expectations”.

Despite Prime Opportunities pulling out of the race, private equity firms TDR Capital and Terra Firma, along with real estate investor Starwood Capital are all reportedly interested in buying the Regus owner.

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.

Shares were broadly flat at 302.6p in early deals on Monday.

Quick facts: IWG PLC

Price: £3.99

Market: LSE
Market Cap: £3.56 billion

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