Last checked at 1 Feb 2018 15:03
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
1 February 2018
Response to announcement by Brookfield and Onex
The Board of IWG plc ("IWG" or the "Company") notes the announcement by funds managed by affiliates of Brookfield Asset Management, Inc. ("Brookfield") and Onex Corporation or its affiliates ("Onex") (together, the "Consortium") dated 1 February 2018 and confirms that discussions regarding the Consortium's approach, as originally announced on 23 December 2017, have ended, and that the process will not therefore move to a due diligence phase.
The Board remains highly confident in the prospects of IWG and believes that IWG continues to have an exciting future as an independent company.
The Company has separately released a trading update today.
Enquiries:
IWG plc Tim Regan, Company Secretary Wayne Gerry, Group Investor Relations Director
| Tel: +41 (0) 41 723 2353 |
J.P. Morgan Cazenove (Lead Financial Adviser and Joint Corporate Broker) Alex Watkins James Robinson
| Tel: +44 (0) 20 7742 4000 |
Investec (Financial Adviser and Joint Corporate Broker) James Rudd James Ireland | Tel: +44 (0) 20 7597 5970 |
Brunswick Nick Cosgrove Simone Selzer |
Tel: +44 (0) 20 7404 5959 |
Rule 26.1 disclosure
In accordance with Rule 26.1 of the City Code on Takeovers and Mergers, a copy of this announcement will be available at www.iwgplc.com, by no later than 12 noon (London time) on the business day following this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Disclaimer
J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised in the United Kingdom by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the Financial Conduct Authority. J.P. Morgan Cazenove is acting exclusively as financial adviser to IWG and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters set out in this announcement and will not be responsible to anyone other than IWG for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, or for providing advice in relation to the contents of this announcement or any other matter referred to herein.
Investec Bank plc, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for IWG and no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than IWG for providing the protections afforded to clients of Investec Bank plc nor for giving advice in relation to the subject matter of this announcement.