London-listed International Workspace Group (IWG), the world’s largest serviced office group and owner of Regus and coworking provider Spaces, has ended takeover bids from Starwood, Terra Firma and TDR Capital.
IWG said in a statement to the London Stock Exchange that its board “unanimously believes that none of the interested parties is currently capable of delivering an executable transaction at a recommendable price.”
The biding reached as high as £2.7 billion ($3.5 billion).
IWG has been investing heavily in expansion. IWG said it expects to add approximately 22 percent more square feet of space in 2018 than last year, as the sector continues to benefit from global workplace trends that are driving demand. IWG added 2.8 million square feet of space through 132 new locations in the six months to June 30, 2018.
Canada’s Brookfield Asset Management, Lone Star, Blackstone, Prime Opportunities Investment and boutique private equity group Onex have also made bids for IWG.
