Regus Says It Made Rival Offer for MWB Business Exchange

Regus Plc (RGU), the world’s largest operator of serviced offices, said it offered to buy MWB Business Exchange Plc (MBE) for about 60 million pounds ($99 million) after the target company recommended shareholders accept a rival offer.

Regus was prompted to disclose the bid today after MBE mentioned it in a statement urging shareholders to accept an offer by MWB Group Holdings Plc (MWB), a U.K. company that manages hotels, offices and retail stores, for the 28 percent of the company it doesn’t already own.

In a statement today, Regus said its offer is “far superior” to MWB’s and the company doesn’t accept that the cash bid “fails to recognize the underlying fundamental value of MBE in the medium to long term.”

MWB shares rose 13 percent to 56 pence, the most since March 2010. MBE gained 52 percent to 74.5 pence, valuing the company at 48.7 million pounds, less than the Regus offer.

To contact the reporter on this story: Tim Barwell in London on tbarwell@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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