UBS Warburg appeals over Canary Wharf Takeover Panel decision (UK)

UBS Warburg is appealing a Takeover Panel decision, which bars it backing the Songbird bid for Canary Wharf plc until the deal enters its final stages.

The brokerage´s dealers were given exempt market maker status by the Panel by virtue of UBS´ links with British Land. It means they can´t sell shares until the offer for Canary Wharf is called unconditional.

UBS owns 7.7 pct of Canary Wharf via a contract for differences transaction.

Songbird, a consortium led by Morgan Stanley and Simon Glick, last Friday raised its offer for Canary Wharf to 295 pence a share and appears likely to win the battle for the Docklands landmark.

It was bidding against Brascan Corp which offered 275 pence a share for the group.
Source: Freemand News

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