Morgan Stanley says alternative offer for Canary Wharf not a certainty

Morgan Stanley-led consortium Silvestor UK Properties Ltd, which is bidding for London developer Canary Wharf Group plc, said its announcement last Friday was not intended to imply a new offer for Canary Wharf was forthcoming.

'Discussions regarding alternative proposals are at a preliminary stage,' the company said.

On Friday, it said it was mulling its options after Canadian property group Brascan upped its offer for Canary Wharf to 275 pence per share, matching Morgan Stanley´s offer.

Silvestor´s statement this morning follows a newspaper report yesterday suggesting Morgan Stanley is looking at raising its bid for Canary Wharf to 293 pence from 275 pence.

Without citing sources, The Sunday Telegraph said the consortium has approached British Land and Liberty International to back its planned revised bid.

'There are a considerable number of issues to be resolved and this may take significant time. There can be no certainty that any alternative proposal will be made,' it said.

Source: Freeman News

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