Canary Wharf Group PLC said it has adjourned the court meeting and extraordinary general meeting scheduled for Feb 23 to approve a Morgan Stanley-led bid for the company.
'Given the uncertainty regarding the position of Silvestor, the Independent Committee believes that it would be in the interests of the Company as a whole to adjourn the meetings scheduled for 23 February 2004,' Canary Wharf´s Independent Committee said. The meetings are adjourned until further notice, it said.
It also said that if three key shareholders led by Brascan Corp and Canary Wharf founder Paul Reichmann -- which oppose the Morgan Stanley-led bid -- vote against the bid, it would fail.
Brascan, RF Holdings Ltd (a company connected with Reichmann) and Franklin Mutual Advisors (FMA), together represent 29.1 pct of the shares eligible to vote at the court meeting.
Both Brascan and Morgan Stanley have each offered 275 pence per share in cash for the Docklands developer.
Under the Morgan Stanley offer, it has to receive 75 pct shareholder approval for its scheme to proceed.
FMA -- which holds 6.8 pct in Canary Wharf -- has pledged to back the Brascan bid.
In today´s statement, Canary Wharf said it wishes to treat potential bidders equally and added that it has never refused to talk to any potential suitor.
Source: Freeman News