Wharf silent as bid deadline passes

CANARY Wharf investors were given a ray of hope today that the company will be taken over as the developer delayed calling an end to the bidding, despite the expiry yesterday of the deadline for offers.

A consortium of banks' property funds fronted by Morgan Stanley is thought to have met the deadline with a bid of £1.46bn.

But the cash element of 220p a share is less than Canary Wharf wanted. The offer is thought to include paper worth up to 30p a share in the bid vehicle.

Sir Martin Jacomb, chairman of the company's bid committee, was in talks last night with advisers on the offer. 'Had it been a clear cut decision of a rejection there would have been an announcement from the company by first thing this morning,' said a source. An announcement is expected today. The shares were steady at 227 1/2p.

Canary's executive chairman and 7.7% shareholder Paul Reichmann, who has declared an interest in bidding, was in talks yesterday with his advisers.

The independent directors face a challenge recommending any offer without Reichmann's support.