Canary bidders made to sing
13 April 2012
THE Takeover Panel has set a deadline to bring the drawn-out battle for Canary Wharf to an end.
It is imposing a fast-track auction on rival bidders Morgan Stanley and Brascan of Canada. Morgan Stanley has made a recommended £1.7bn bid, worth 292p a share.
Brascan, which has teamed up with CW founder Paul Reichmann, has until next Tuesday to come back with a higher offer. This will be followed by three daily rounds of bidding until next Friday.
Morgan Stanley's offer needs 75% acceptances, but if successful means it gets 100% control, eliminating potentially troublesome minority shareholders. CW rose 1/4p to 295 1/2p.
