Shares in serviced office firm International Workplace Group (IWG) jumped more than 20 per cent this morning after it was revealed that the company was in talks for a full share takeover.
The company confirmed on Friday that it had interest from three seperate private equity firms: Lonestar, Starwood Capital and TDR Capital over the potential sale.
"The board is evaluating the possible offers with its financial advisers and shareholders will be updated in due course," the statement explained.
Read more: IWG open to talks with private equity firms over potential takeover
A FTSE 250 company, IWG is valued at around £2.1bn and posted profits of £149.4m last year.
However, a profit warning last year led to a takeover attempt from Canadian property group Brookfield, though the £2.4bn bid was eventually rejected.
Lone Star, Starwood and TDR will now have until 8 June to announce a firm offer or drop their bid for a takeover.
The company has faced increased competition from flexible office space companies like WeWork and UK startup The Office Group.
Read more: WeWork has snapped up this huge site in the City of London
Announcing its first quarter results earlier this month, the company said that, given the significant growth seen in the industry, it would “continue to invest in our national networks to maintain our clear industry leadership.
“Underlying trading for the year to date has been good and continues to improve. We now anticipate a modest increase in sales and marketing investment in the year to support our strong growth pipeline, alongside our network optimisation activity.”
