Brascan ups bid for Canary Wharf

Canadian group Brascan upped its bid for Canary Wharf Group plc to 275 pence per share, matching a rival bid from a consortium led by Morgan Stanley, from its earlier offer of 270 pence a share. The new offer values Canary Wharf at about 1.6 bln stg.

Brascan said Franklin Mutual Advisers, LLC has pledged its 6.8% of Canary Wharf´s existing issued share capital. Brascan has claimed 24.7 pct of Canary Wharf´s share capital.

Morgan Stanley-led vehicle Silvestor UK Properties Ltd said it is considering its position following the Brascan announcement and urged shareholders to take no action.

Brascan said its revised bid will cease to be binding if a third party, including Silvestor, offers Canary Wharf shareholders cash of at least 292 pence a share.

The revised offer represents a premium of about 74.6 pct to Canary Wharf´s closing price of 157.5 pence on April 24, 2003, the last business day prior to speculation regarding a potential offer for Canary Wharf.

Source: Freeman News

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