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Starwood Capital, TDR given until June 29 to make firm offer for IWG

IWG PLC said the U.K. panel on takeovers and mergers has given Starwood Capital Group and TDR Capital LLP until June 29 to make a firm offer or withdraw from their respective bids to take over the Swiss flexible office space provider.

IWG's board requested an extension to the original June 8 deadline while it remains in discussions with both private equity firms.

In early May, IWG disclosed that it has been approached about a possible cash offer for its shares by the respective units of Starwood, TDR and Lone Star Funds.

On May 29, Reuters reported that IWG turned down an offer from Prime Opportunities Investment Group LLC, but noted that the real estate investment company is considering submitting another offer and has until June 26 to do so, according to the report.

Lone Star said June 4 that it would not move forward with the bidding, Property Week reported.