IWG courted by four suitors as Terra Firma enters the chase

Serviced office group IWG has been approached by another private equity suitor about a potential takeover, with Terra Firma entering the fray.

IWG's board, which notified of the approach on Saturday after it had been leaked in the press, said it was evaluating a possible cash offer from Terra Firma Investments.

This comes as IWG, formerly Regus, remains in talks with private equity groups Starwood Capital and TDR Capital, which it said on Friday had been given a new deadline of 29 June to announce a firm offer or drop their interest.

Terra Firma's own offer needs to be made by 1700 BST on 21 July.

US real estate investment group Prime Opportunities Investment has also said it is considering the possibility of making an offer for IWG and was "confident in its ability to submit a further proposal to IWG's board for its consideration in due course" after being rejected at the end of last month.

Another potential suitor, Lone Star Europe, dropped out of the chase on Monday and in February, Brookfield Asset Management and Onex Corp decided not to make an offer for the company after pursuing the FTSE 250 group since December.