Five investors in Canary Wharf have withdrawn their share offer amid reports of a lack of interest from institutions.
But the Financial Times believes the investors misjudged reaction to their offer and gave insufficient reassurance to the market from the outset. With 75% of the company owned by existing shareholders, the city feared a “big wall of paper” was heading their way when the lock-in agreement ended this week.
The investors also failed to ensure some of the stakes had already been banked with institutions before making the offer public.
Financial Times 29/09/99 page 26 (Lex), page 27
The Guardian 29/09/99 page 28
The Independent 29/09/99 page 21, page 23 (Outlook)
The Times 29/09/99 page 29, page 31 (Commentary)
The Daily Telegraph 29/09/99 page 29
