MWB steps up takeover bid

The hotels operator MWB has raised its potential offer for the 28 per cent of MWB Business Exchange that it does not already own after the office space supplier's second-biggest shareholder, Pyrrho Investment, said it would reject the initial bid.

Shares of Business Exchange jumped 31 per cent to 72.5p after MWB raised its cash and paper offer to 81.4p yesterday, valuing the business at £53m.

Pyrrho had said that MWB's earlier £33m bid "grossly undervalues" the business after Business Exchange had backed the offer over a £60m approach from the rival office-space supplier Regus. "This revised offer provides for a good outcome for all Business Exchange minority shareholders," Pyrrho said yesterday.