Canary Wharf owner succumbs to Qatari-led bid
Songbird said it still thought the offer undervalued the owner of the financial district in east London
Canary Wharf owner Songbird Estates dropped its opposition to a $4 billion Qatari-led bid on Wednesday, saying the group now had the backing of the holders of at least 86 percent of the shares.
Songbird said it still thought the offer undervalued the owner of the financial district in east London, but with no rival offer forthcoming it recommended its minority shareholders should now accept the deal.
Qatar Investment Authority (QIA) and its bidding partner, U.S. investor Brookfield Property Partners, launched a 350 pence-a-share offer direct to Songbird shareholders in December.
QIA already has a 29 percent stake in Songbird, while Brookfield has 22 percent of Canary Wharf Group.
Songbird had already said that if one or more of the other three large shareholders - Glick, China Investment Corp and Morgan Stanley Investment Management, were to accept, the offer would become unconditional. Combined they own just over 50 percent.
Shareholders have until Thursday to accept the offer.