WeWish

14 May 2018 By Aimee Donnellan Follow @aimeedonnellan

The original shared-office provider has been approached by three private equity bidders. Though the shares are up 30 pct, its $3.8 bln market value is just over its 2017 revenue. Trendy upstart WeWork is valued at 20 times. Buyers will be hoping some of the sparkle will rub off.

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British serviced-office provider IWG said on May 11 it had received takeover approaches from three rival suitors.

The London-listed business said U.S. property investment firm Starwood Capital and British private equity house TDR Capital had submitted separate cash bids. Lone Star, the U.S. buyout firm, has also made an approach, IWG said, without giving details of any of the proposals.

In December 2017 the company disclosed that Canadian private equity firms Onex Corp and Brookfield Asset Management had made a joint approach. The talks collapsed at the beginning of February.

IWG has offices in about 3,000 locations in 114 countries around the world, operating under a range of brands including Regus and Spaces.

The company disclosed the suitors’ interest after its shares leapt by more than 10 percent to close at 252 pence per share on May 11.

IWG shares were up a further 21 percent at 305 pence by 0742 GMT on May 14.

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