Reuters logo
REFILE-Regus offers to buy MWB Business Exchange for 40 mln stg
December 21, 2012 / 8:36 AM / 5 years ago

REFILE-Regus offers to buy MWB Business Exchange for 40 mln stg

Dec 21 (Reuters) - Office space supplier Regus Plc SA said its unit offered to acquire MWB Business Exchange Plc for 40 million pounds ($65.04 million) to expand its portfolio to new locations through MWB’s business centres.

Regus’ wholly owned unit, Marley Acquisitions Ltd, offered to pay 61.576 pence per share to MWB shareholders - a premium of about 20 percent to the stock’s Thursday close.

Regus, which offers ready-to-use offices for rentals, said it would identify duplication and potential efficiencies in certain areas and reduce headcount in the combined group.

It also plans to delist MWB’s shares from London’s AIM upon completion of the deal.

Hotel operator MWB Group Holdings Plc owns 75.22 percent stake in MWB.

MWB Group Holdings, which filed a notice of intention to appoint administrators last month, has 8 weeks to seek other potential buyers for its stake, Regus said in a statement.

Regus said it could make a revised offer for MWB if there is a rival bid, and MWB will be obliged to accept such an offer if it meets certain criteria.

MWB, which has 64 business centres across the UK, reported a net loss on ordinary activities from continuing operations before tax of 14.8 million pounds and revenue of 121.1 million pounds for the year ended June 30, 2012.

Regus said it would fund the deal with available cash resources.

Shares in Regus were trading up about 3 percent at 104.215 pence at 0821 GMT on the London Stock Exchange, while MWB’s stock was up about 15 percent.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below