£1.7 bid for Canary Wharf Group

A Morgan Stanley-led group bid £1.7 billion for Canary Wharf Group Plc to counter Canada’s Brascan Corp in the nine-month takeover battle for the builder of London’s second financial district.

The 292p-a-share offer compares with earlier cash bids of 275p by Morgan Stanley and Brascan, which is being backed by Canary Wharf founder Paul Reichmann. British Land Co, Britain’s second-largest property developer, has agreed to invest in the Morgan Stanley acquisition, the group said in a statement.