29th Jun 2018 12:24
LONDON (Alliance News) - Workspace provider IWG PLC on Friday announced the deadline to make an offer for the company has been extended to July 21.
By this date, Starwood Capital European Operations Ltd and TDR Capital LLP must declare whether or not they intend to make offers for IWG. This supersedes the previous deadline set by the Panel on Takeovers & Mergers, which was Friday.
"A further announcement will be made when appropriate. There can be no certainty any offer will be made for the company, nor as to the terms on which any offer might be made," IWG said in a statement.
On Monday, IWG confirmed it was in talks with Terra Firma Investments Ltd regarding a potential cash offer for the whole company. Lone Star Europe Acquisitions Ltd has also made a proposal for IWG.
In May, IWG rejected a takeover offer from Prime Opportunities Investment Group LLC.
IWG, formerly known as Regus, lowered its profit guidance on Wednesday by between GBP15 million and GBP20 million, saying its UK business was "not performing to management expectations".
Shares in IWG were trading up 1.2% at 315.10 pence on Friday.
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