February 15, 2013 / 2:16 AM / 5 years ago

Pyrrho takes on Regus with offer for MWB Business Exchange

Feb 14 (Reuters) - 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 Victor Holdings.

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 December.

Regus, which offers ready-to-use offices for rentals, had said it could make a revised offer for MWB if there was a rival bid.

“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 statement.

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 its stake.

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