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IWG garners takeover interest from 3 private equity firms

IWG PLC received two separate indicative proposals from the respective units of Starwood Capital Group and fellow private equity firm TDR Capital LLP regarding potential cash takeover offers.

The serviced office group said it has also been approached by a subsidiary of private equity firm Lone Star Funds regarding a possible takeover.

IWG, which ended discussions about a potential buyout by Canadian asset manager Brookfield Asset Management Inc. and private equity firm Onex Corp. in February, said its board is studying the possible new offers by the three private equity firms.

"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," IWG added, according to a filing.

The three potential suitors now have 28 days to announce a firm intention to make an offer for IWG or walk away.

IWG shares were more than 10% higher as of the afternoon of May 11.