Paul Reichmann has been forced to clarify his intentions regarding Canary Wharf by the Takeover Panel.
Following weekend press reports that he would make a bid for the company if other offers came in below 310p per share, valuing the company at £1.8bn, and a statement from Canary Wharf pouring cold water on this, a statement came from Reichmann himself on Tuesday evening.
The statement said: “With the consent of the board of the company, Mr Reichmann is discussing his possible involvement with third party potential offerors.
“Mr Reichmann has indicated to the board that he may consider forming a consortium to make an offer for the company depending on the outcome of these discussions and the terms of any offers for the company.”
Reports on Wednesday morning suggested Canary Wharf would consider asset sales and demerging its development business if a successful bid failed to materialise.
It had mooted similar proposals after it reported its interim results in March, which started a share price dive (Estates Gazette 15 March 2003, page 43).
References: EGi News 27/08/03
