A statement to the stock exchange confirmed the approaches and added that management had formed an independent committee headed up by senior independent director Sir Martin Jacomb and advised by Lazard and Cazenove to consider any offers.
Discussions are only at the preliminary stage but the news excited the market and at one point shares had surged by more than 50% to 271p, valuing the group at nearly £1.6 billion ($2.7 billion).
The committee's formation sparked speculation of a management buyout, led by chief executive George Iacobescu and finance director Peter Anderson. Such an offer would have considerable firepower. Canary Wharf chairman Paul Reichmann has a personal stake of 5%, his family holds 5% and US investor Simon Glick owns 15%.
But analysts are anticipating an offer by Canadian property company Brascan Corporation, one of Manhattan's largest landlords, which last month built a 9% stake. At the time Brascan said it did not rule out a takeover.
Canary Wharf has had a troubled year. The company's Docklands offices have attracted big name tenants like Citigroup, HSBC and Morgan Stanley, accountants KPMG and oil giant Texaco.But the downturn in the London office market, details of increasing voids and concerns that the company may be over-exposed to the financial services sector has depressed the share price in recent months. As if to confirm these concerns, earlier this year Canary Wharf announced a fall in pre-tax profits to £5 million ($8.3 million) from £26.2 million ($43.6 million in the six months ended December.
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