Qatari bid for Canary Wharf owner wins more support

EMS Capital says it intends to accept latest hostile offer for Songbird Estates by group led by Qatar Investment Authority
Qatari bid for Canary Wharf owner wins more support
(Getty Images)
By Reuters
Wed 10 Dec 2014 01:24 PM

The Qatari-led group attempting a takeover of Songbird Estates, owner of the Canary Wharf financial district in London, said another shareholder had pledged support to take total acceptances to nearly a third of the company's free float.

Qatar Investment Authority (QIA) and its bidding partner, US investor Brookfield Property Partners, launched a 350 pence-a-share offer direct to Songbird shareholders last Thursday, valuing the company at $4 billion.

That hostile move had followed the rejection of an earlier 295 pence-a-share bid. Songbird has said that both offers undervalued the group but has yet to formally reject the second bid.

EMS Capital, which holds 3.2 percent of Songbird's free float, or 0.7 percent of its total issued share capital, said in a letter to the bidders that it intended to accept the latest offer.

"Taken together with the letter of intention from Madison International Realty announced on Dec. 8, QIA and Brookfield have so far received public support from holders of approximately 31.6 percent of Songbird's free float," the bidders said in a statement.

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