07/11/2014

Canary Wharf Owners Reject Takeover Bid

A joint takeover bid for the owners of London's Canary Wharf, Songbird Estates, has been rejected.

The Qatar Investment Authority (QIA) and US-based Brookfield Property Partners had made the takeover bid, but David Pritchard, the Chairman of Songbird, said that the 295p per share offered "significantly undervalues" the firm.

It is understood that QIA currently own 28.6% of Songbird Estates, and Brookfield holds 22% shares in Canary Wharf Group.

Following news of the takeover bid, shares in Songbird rose to a six-year high, closing on Thursday at 320p per share, and increase of 22%.

(MH/CD)

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