May 29, 2018 / 6:49 AM / 22 days ago

Prime Opportunities Investment says IWG rejects offer approach

(Reuters) - U.S. real estate investment company Prime Opportunities Investment Group said on Tuesday IWG Plc (IWG.L) had rejected its offer approach for the British serviced office provider.

Prime is the fourth bidder for London-listed IWG, which disclosed earlier this month it had received separate rival indicative bids from U.S. property investment firm Starwood Capital and British private equity fund TDR Capital, as well as an approach from American buyout house Lone Star.

IWG, which has offices in about 3,125 locations in more than 110 countries, faces growing competition from rivals including WeWork, the co-working space startup backed by Japan’s SoftBank Group Corp (9984.T).

California-based Prime Opportunities said it was considering making another offer for IWG, adding that it was confident of submitting a further proposal to the company.

Under UK takeover panel rules, Starwood, TDR and Lone Star have until June 8 to make a firm offer or walk away, while Prime Opporunities’ deadline is June 26.

Canadian firms Onex and Brookfield Asset Management made a joint approach for IWG in December, only for takeover talks to fail at the start of February.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier

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