Brascan extends Canary Wharf offer period

Canadian property group Brascan Corp said it has extended the offer period for Canary Wharf Group plc to Friday, 23 April.

Brascan, which is bidding via vehicle CWG Acquisition and is supported by former Canary Wharf chairman Paul Reichmann, also said that as of Monday -- being a previously announced closing date of the offer -- valid acceptances had been received in respect of a total of 20.4 pct of the issued share capital of Canary Wharf.

Monday, 19 April, the independent board of Canary Wharf Shareholders recommended the offer by the Morgan Stanley-led consortium, via their bid vehicle Songbird. The consortium includes Simon Glick, who holds a 14 pct stake in the owners of the Docklands based office blocks.

Aside from increasing its bid to 295 pence on Friday, Morgan Stanley -- previously bidding under the name of Silvestor -- also changed the terms of acceptance required for its bid to be approved by shareholders.

Under the new terms, only 50 pct of Canary Wharf shareholders need to approve the bid, as opposed to the 75 pct approval rate required by Silvestor´s previous bid.
Source: Freeman / AFX

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