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Lone Star bows out of IWG bid

Global equity firm Lone Star Funds said it will not be making an offer for serviced office platform IWG PLC, which had confirmed separate interests from Lone Star, Starwood Capital Group and TDR Capital LLP, Property Week reported.

Starwood and TDR have until June 8 to make a firm offer or withdraw from bidding, the report noted.

IWG also recently received and rejected an offer from Prime Opportunities Investment Group LLC.