Following an article in the Sunday Telegraph, the two bidders and Canary Wharf Group announced yesterday that the bidding war will be ended by means of conducting an auction for CWG. This auction will force the rival bidders to make final offers within a stated time period during next week.
The consortium of Morgan Stanley announced that shareholders are asked to vote on its 292 pence per share bid on Tuesday, 27 April 2004. Kempen & Co expects that the current competitive bidding process will finally wrap up the lingering sale of the company but expects only a modest chance of a higher bid coming forth.
Source: Kempen & Co