MWB Group, the operator of the Malmaison and Hotel du Vin chains, has increased its offer for the remaining 28% of office space supplier MWB Business Exchange. MWB Group increased its offer to 81.4p, which valued the business at £53m. The move came after MWB Business Exchange’s second biggest shareholder, Pyrrho Investment, indicated that it would reject the initial bid of £33m, which it said “grossly undervalues” the business. However, MWB Group said the deal would not progress until the company had completed its refinancing or received a cash injection through a lease and leaseback programme on its hotels. The bid for Business Exchange was also subject to a counter offer from Regus, another office space supplier, whose offer of 92.4p valued the company at £60m. This had been rejected by both MWB Group and Business Exchange.

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