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Songbird Acquisition, the new name for the Morgan Stanley led consortium, has had it’s latest bid of 295p endorsed by the the independent directors at Caanry Wharf. CWG, the rival Branscan bid, backed by Paul Reichman, is thought to be still due to put its 275p offer to shareholders. The bid battle for Canary Wharf has now been going on for 10 months and the two groups have until the end of the week to send their offers to shareholders. - (20-04-2004)
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Morgan Stanley is said to be looking for further equity backing to raise its bid for Canary Wharf and could have approached the government of Qatar, British Land and Liberty International. Morgan Stanley could be looking for an extra £200m for it’s bidding vehicle ‘Silvestor’ to raise its offer from 275p to over 292p and try to beat Brascan, which last week matched Morgan Stanley’s latest offer. The 14m sq ft Docklands office complex is now being valued at £1.6bn. The bids by Paul Riechmann, the former chairman of Canary Wharf collapsed two weeks ago and Brascan, the Canadian property and power company, is now thought to have the support of shareholders controlling over 24 per cent of the Canary Wharf shares. - (15-02-2004)
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Canary Wharf Group has set a deadline of 13th February for Branscon, the Canadian property company, and Paul Reichman to make fully funded offers for the Docklands complex. The deadline is expected to clarify the position of the rival bidders to shareholders ahead of an extrodinary meeting on 23rd February, which is to vote on a recommended £1.56bn offer from a Morgan Stanley-led consortium. Recently Canary Wharf secured a £1.1bn investment deal with Royal Bank of Scotland on 5 Canada Square, let to CSFB, and 25 Canada Square, let to Citigroup. - (12-01-2004)
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The Royal Bank of Scotland currently occupies Drapers Gardens, a Seifert-designed office tower providing around 16,710 sq m (180,000 sq ft), which was developed by Harry Hyams Oldham Estate in 1967. It is thought that the Royal Bank of Scotland could vacate the building in October 2001 and that it could then potentially be redeveloped or refurbished. Royal Bank of Scotland is said to be in discussions with the freeholder, the Worshipful Company of Drapers, about the development. There has been speculation that the development potential of the site could be in the order of 32,515 sq m (350,000 sq ft), although nothing else is known at this stage. - (05-04-2001)
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