Morgan Stanley has increased its bid for Canary Wharf, the UK property group, within hours of a counter offer from Brascan, the Canadian property company. Canary's independent directors are backing the latest Morgan offer.
Morgan Stanley bid £1.6bn (€2.3bn) or 275p per share just after lunch on Thursday, topping a £1.58bn offer from Brascan, made just hours earlier and worth 270p per share.