IWG says Brookfield, Onex have made takeover approach but no formal offer

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4b1ded953bd50adbd91143cbe1375a90 IWG says Brookfield, Onex have made takeover approach but no formal offer

The Onex Corporation logo is displayed at the company’s annual general meeting in Toronto on Thursday, May 10, 2012. The U.K.-based company behind the Regus brand of rental office space says it has received a potential takeover offer from Toronto-based Brookfield Asset Management Inc. and Onex Corp. THE CANADIAN PRESS/Nathan Denette

LONDON — The U.K.-based company behind the Regus brand of rental office space says it has been approached with an informal takeover proposal by Brookfield Asset Management Inc. (TSX:BAM.A) and Onex Corp. (TSX:ONEX).

However, IWG PLC said there was no certainty that any offer will be made for the company, or what terms may be offered by the Canadian consortium.

IWG shares were up 28 per cent at nearly 2.57 pounds (C$4.35) on the London Stock Exchange at midday Wednesday.

Under British rules, the Brookfield-Onex consortium has until 5 p.m. on Jan. 20 to make a firm offer or indicate it’s no longer interested, although the deadline could be extended with consent.

IWG offers flexible workspace in various formats through a network of about 3,000 locations in 114 countries. Among its brands are Regus and Spaces.

Brookfield Asset Management and Onex Corp. are two of Canada’s largest asset management firms.

 

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