Dixon added that he was “grateful for the interest” and insisted the business would be better as the approaches “made us focus like never before”.
It is the latest in a string of rejections made by the FTSE 250 firm since the start of the year, including rebuffing LA-based Prime Opportunities and Canada’s Brookfield Asset Management. US private equity firm Lone Star also expressed interest but walked away in June.
Neil Wilson, analyst at Markets.com, said: “Either it’s reflective of management’s confidence in the future growth or they’re holding out for too high a price.”
Today the firm said its board is “confident that IWG has an exciting future as an independent public company”.
Its upbeat remarks came despite pre-tax profits dropping 33% to £54.3 million in the six months to June 30, largely due to investments in the business.
It also warned of a tough UK market, particularly in London, where a number of businesses have held back on office moves since the Brexit vote.
IWG is also grappling with a wave of expanding competitors such as WeWork that have enticed start-ups with trendy offices.
IWG, which was founded by Dixon in 1989, still managed to increase revenues 7.1% to £1.2 billion.
The interim dividend was raised by 11% to 1.95p per share and the firm said it would launch a share buyback programme.
