Canary Wharf independent directors urge shareholders not to accept Brascan bid

The independent directors of Canary Wharf plc today urged the company´s shareholders not to accept an offer for the company by CWG Acquisition Ltd, the takeover vehicle for Brascan Corp Inc, though admitted they considered the offer to be fair and reasonable.

In a statement issued by the UK property firm, they said shareholders should instead opt to wait for rival bidder Silvestor, the Morgan Stanley-led consortium, to clarify its position during the course of CWGA´s offer timetable.

'Shareholders should be aware that accepting the CWGA offer at this time may prevent Silvestor from making a superior proposal,' Canary Wharf said.

Source: Freeman News

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