Guy Hands’ Terra Firma has joined the race to buy flexible office firm IWG.
Terra Firma will now compete against rival private equity firms Starwood Capital and TDR Capital to buy the company.
IWG, which is led by chief executive and founder Mark Dixon, said in a stock market announcement following a report in the FT this morning that it is evaluating an offer from the firm, that there is no certainty any firm offer will be made and that Terra Firma has until 5pm on 21 July to do so.
Starwood and TDR have until 5pm on 29 June to finalise their bids.
The news is the latest chapter in the company’s corporate saga. Lone Star has also been amongst TDR and Starwood to express interest in the company, but dropped out of the running earlier this month.
The interest followed an approach from Brookfield and private equity group Onex Corporation in February, which also ultimately did not lead to a bid deemed appealing enough to the board or shareholders. This came on the back of profit warnings and a collapsed share price.
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