Morgan Stanley´s Songbird consortium wins battle for Canary Wharf

Morgan Stanley´s Songbird consortium said it has won the long-running battle for Canary Wharf Group plc after its offer was declared unconditional with 60.9% of shareholders accepting the deal. Songbird had offered 295 pence per share.

Because of warrants held by Canary Wharf founder and former chairman Paul Reichmann, who backed a rival offer from Canadian property group Brascan, Songbird needed the support of 54 pct of Canary Wharf´s total share capital.

Brascan had offered 275 pence offer.

'We are delighted that this saga is finally over and that the highest offer has prevailed,' said Stephane Theuriau, a director of Songbird.
Source: Freeman / AFX

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