Canary Wharf auction ends today

Canary Wharf Group PLC said the auction process for the group will end at 5.00 pm today unless it receives a further revised offer from either the Morgan Stanley-led consortium or Brascan.

Morgan Stanley, through its investment vehicle Silvestor UK Properties Ltd, yesterday revised up its offer to 292.5 pence per share, while Canadian property group Brascan Corp introduced a loan note alternative to its offer of 275 pence.

If there is a further revision today by either bidder, then the auction process will continue until 5.00 pm tomorrow -- the last opportunity for the bidders to revise their offers.
Source: Freeman / AFX News

Related News