Office provider IWG shares surge on bid approaches

Shares in global office service firm IWG have jumped more than 20% in early trade after it said three companies had expressed an interest in buying it.

IWG issued a statement late on Friday after its shares had risen on rumours it was a takeover target.

It said it had received approaches from US property firm Starwood Capital, UK private equity firm TDR Capital and US buyout firm Lone Star.

IWG - which was formerly called Regus - said it was "evaluating" the offers.

The company has offices in about 3,000 locations in 114 countries around the world, operating under brands including Regus and Spaces.

All three potential bidders must make their interest definite, or decline their interest by 8 June.

It is not the first time that IWG has been a takeover target.

In December, it said the Canadian private equity firm Onex and Brookfield Asset Management had made a joint approach. Those talks ended in February.