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Morgan Stanley Heads Canary Wharf Bidding

LONDON-A consortium led by Morgan Stanley looks to have won the first stage of the bidding race at Canary Wharf. But its 255p per share offer may not be enough to win over Canary Wharf's founder Paul Reichmann.

By Graham Parker | Updated on November 03, 2003

LONDON-Canary Wharf’s independent directors have granted exclusivity to the Morgan Stanley consortiu, which has bid 255p per share for the Docklands developer. The move means the Canadian Brascan Corporation is out of the running, but observers say it is likely that Canary Wharf founder and chairman Paul Reichmann will now launch his own bid.

The consortium of the Morgan Stanley Real Estate Fund IV International limited partnership, Goldman Sachs’ Whitehall Fund and US-based investor Simon Glick has offered 220p per share for existing Canary Wharf shares plus equity in a new company set up to develop the remaining land in the Docklands estate, valued at 35p per share.

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