June 8, 2018 / 11:45 AM / 4 months ago

IWG says Starwood Capital, TDR have until June 29 to make firm takeover offers

June 8 (Reuters) - IWG Plc said on Friday that U.S. property investment firm Starwood Capital and British private equity fund TDR Capital will now have until June 29 to make firm offers for the company or walk away.

The British serviced office provider, which is in talks with Starwood and TDR, said UK's Takeover Panel granted an extension to the two firms from an earlier deadline of June 8.

IWG has been separately approached by Starwood, TDR, U.S. real estate investment firm Prime Opportunities Investment Group and American buyout house Lone Star for a deal.

IWG rejected an offer from Prime Opportunities, which has until June 26 to make a firm offer. Prime Opportunities said it was confident of submitting another proposal.

Lone Star said on Monday it did not intend to make a firm offer for IWG.

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.

Canadian firms Onex and Brookfield Asset Management made a joint approach for IWG in December, but talks fell apart at the start of February. (Reporting by Arathy S Nair in Bengaluru; Editing by Bernard Orr)

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