29th Jun 2021 09:37
(Alliance News) - CC Capital Partners LLC said Tuesday it doesn't intend to make a takeover offer for office space provider IWG PLC.
The announcement came in response to a Sky News story late Monday that said IWG has held secret talks with the New York-based private equity firm over a GBP4 billion buyout.
CC Capital Partners noted that as a result of its announcement, it will be barred under UK rules from making a bid for IWG for at least six months, except with the consent of the UK Panel on Takeovers & Mergers. However, it will be allowed to acquire shares in IWG and can make an offer with the consent of the IWG board or if a third-party makes an offer.
Citing a property industry source, Sky News had said that any bid for the Regus brand owner would be at a "very significant" premium to IWG's current share price and would value the company at GBP4 billion at least.
IWG shares closed down 2.3% at 300.20 pence each in London on Monday, valuing the company at GBP3.02 billion. The stock was up 2.2% at 306.87p, following CC Capital's announcement on Tuesday. However it had risen 8.5% to 325.70p earlier in the morning.
By Tom Waite; [email protected]
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