British private equity firm TDR Capital and U.S. real estate investment group Starwood Capital have been given more time to make takeover offers for IWG (IWG.L), the London-listed serviced office provider.
The Takeover Panel, which regulates M&A activity in Britain, has extended a deadline for the pair to make firm offers or walk away from IWG to 1700 local time (1600 GMT) on July 21, IWG said on Friday. The two bidders originally had until later on Friday to make their offers.
TDR and Starwood are among four rival suitors that are considering bids for the 2.9 billion company behind the Regus office business. Terra Firma and Prime Opportunities Investment Group also have until July 21 to declare their intentions.