The world’s biggest operator of serviced offices has received three separate takeover approaches from private equity firms.
IWG, previously called Regus, confirmed that it had received an approach from Lone Star and two indicative proposals from Starwood Capital and TDR Capital.
The FTSE 250 company said it was “evaluating the possible offers” and would update shareholders in due course.
IWG added: “There can be no certainty that any offer will be made for the company, nor as to the terms on which any offer might be made.”
See also: IWG plans growth as flexible offices reach tipping point
Set up by entrepreneur Mark Dixon in 1989, IWG has grown into a global business with 3,500 properties in 115 countries. Although it has benefited from a shift towards flexible working, it faces intensifying competition from the US operator WeWork and British start-ups such as The Office Group.
On the back of the confirmation of the potential takeover offers IWG’s share price jumped up to 302p on Monday morning up from 252p on Friday, 11 May.
Earlier this year, Brookfield Asset Management and private equity firm Onex put forward an indicative £2.5bn takeover proposal for IWG but walked away from the deal.
See also: Could Brookfield repair the IWG serviced office model?
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