Canary Wharf PLC minority owners Brascan Corp., Toronto, and the Reichmann family agreed to vote against an offer for the London financial center by a consortium led by Morgan Stanley Real Estate Funds. They also agreed to vote in favor of a rival proposal from the Reichmann family to acquire all outstanding shares. The independent committee of Canary Wharf, which recommended acceptance of the Morgan Stanley consortium offer, today said it continues to back that offer. It is not certain that either Brascan or the Reichmann family interests would actually make a formal proposal for Canary Wharf, the committee said in a written statement.
Separately, Franklin Mutual Advisors announced it would vote its 24.7% of issued shares against the Morgan Stanley consortium proposal. Brascan and the Reichmann family each own about 9% of Canary Wharf shares.