A British serviced office provider said it had received an all-cash takeover approach from two Canadian investors, sending its shares rocketing.
The shares in IWG rose nearly 28 per cent to 256p on news of the proposal, before closing at 254½p. The offer follows months of speculation about the future of the company.
IWG operates the Regus brand and runs offices in nearly 3,000 locations in 115 countries. It was founded 30 years ago by the entrepreneur Mark Dixon, who left school at 16 and began his working life selling peat from a wheelbarrow. Last year, IWG made profits before tax of £173.7 million from revenues of more than £2.2 billion. The company did not disclose the terms of the offer from Brookfield Asset Management,