IWG still in talks with Starwood and TDR, offer deadline extended

Office space provider IWG is still in talks with private equity groups Starwood Capital and TDR Capital and has extended the deadline for them to make an offer or walk away.

Under UK takeover panel rules, the suitors had until the end of play on Friday to announce a firm offer or drop their interest. However, the deadline has now been extended to 29 June.

"A further announcement will be made when appropriate. 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," it said.

IWG said at the end of last month that it had rejected a cash offer from US real estate investment group Prime Opportunities Investment. Prime Opportunities, meanwhile, said that it was still 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".

IWG, formerly Regus, had said earlier in May that it was considering three possible takeover bids from Lone Star Europe, Starwood and TDR, after Brookfield Asset Management and Onex Corp decided not to make an offer for the company. However, Lone Star said on Monday that it would not be making an offer for the group.

At 1230 BST, the shares were down 0.1% to 313.70p.