Regus owner IWG spurns takeover approach

Regus owner IWG has rejected a fifth takeover approach, turning down a cash offer from US investor Prime Opportunities.

Prime said yesterday that IWG, a serviced office provider, had rejected its overture, which involved a consortium of investors.

It comes after IWG spurned offers from from Lone Star Europe, Starwood Capital and TDR Capital earlier this month.

IWG was also the subject of a takeover attempt by Brookfield Asset Management and Canadian private equityfirmonexindecember, which sent its share price soaring.

Talks over the joint bid collapsed at the beginning of February, with reports suggesting IWG founder Mark Dixon wanted to sell the company but was blocked by other directors.

Richard Morris, UK chief executive of IWG, said: “The growth potential of the market is phenomenal. Lots of people are excited about it.”

London-listed IWG has serviced offices in some 120 countries, and hopes to extend its network of flexible office spaces.