Sinking a couple of stubbies

12 February 2004 By Chris Hughes

Although Brascan has only matched Morgan Stanley’s bid, it has now assembled a shareholder pact with more than 25%. That effectively stymies Morgan Stanley’s attempt to take control of Canary Wharf.

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Brascan raised its cash offer for Canary Wharf to 275p a share, and raised the amount of equity available under a cashandshares alternative.

The additional equity is in the form of an unlisted share, which owners cannot sell for three years.

In total, Brascan is offering Canary Wharf shareholders a maximum of 22% in its bid vehicle, against 16% under the terms of an earlier offer.

An existing 275pashare cash offer from Morgan Stanley, recommended by Canary Wharf's board, has a cashandshares alternative offering up to 37% of the equity in its bid vehicle.

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