Brascan Corp.'s bid for London's Canary Wharf was rejected by the...

Brascan Corp.'s bid for London's Canary Wharf was rejected by the independent committee overseeing the potential sale of the property, and talks with Brascan have been discontinued, the committee announced. The offer by Brascan, a real estate and energy firm that owns 7% of Canary Wharf, was below the 255 pence-per-share bid the committee expects to receive from Morgan Stanley Real Estate Funds and shareholder Simon Glick. The committee also might not recommend Morgan Stanley's bid to the Canary Wharf board. "There can be no certainty that a recommended offer (from Morgan Stanley) will be forthcoming," the committee said in a written notice. "A further announcement will be made shortly."