Feb 14 Hong Kong-based Pyrrho Investments
launched a 65 million pounds ($100.9 million) counter-offer for
office space provider MWB Business Exchange, a move that
could trigger a bidding war with Britain's Regus Plc.
Pyrrho, which owns 16.7 percent in MWB Business Exchange,
made an offer to buy the remainder share capital of the
commercial property company, through Pyrrho's subsidiary Gallant
Under the offer, MWB Business Exchange shareholders would
receive 100 pence per ordinary share of 0.1 pence each.
The investment fund's bid is at a 62.4 percent premium to
the 40 million pounds offer Regus made for the company in
Regus, which offers ready-to-use offices for rentals, had
said it could make a revised offer for MWB if there was a rival
"If Regus decides to counter our bid the much higher cost of
acquisition which Regus will have to pay may be a significant
surprise to Regus shareholders and market commentators alike,"
Anson Chan, director of Gallant Victor Holdings, said in a
MWB Business Exchange, which provides furnished office space
mostly around London, is 75 percent owned by MWB Group Holdings.
MWB Group, which also owns hotel chains Malmaison and Hotel
du Vin, filed for administration in November after a failed
refinancing bid, and has been looking for potential buyers for