A third investor backs Songbird bid

Kasmira Jefford
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Songbird holds 69 per cent of Canary Wharf Group, the owner of the east London district
QATAR Investment Authority (QIA) and Brookfield said yesterday that a third shareholder had agreed to back its 350p-a-share offer for Songbird Estates, the owner of Canary Wharf.

EMS Capital, which holds 3.2 per cent of Songbird’s free float, or 0.7 per cent of the company, said in a letter to the bidders that it intended to accept the latest offer.

Madison International Realty and Third Avenue Management have also come out in favour of the deal.

The latest expression of support, from EMS, takes backing for the bid up to 31.6 per cent of the free float.

But the bidders still need to win over one of the three major shareholders – Morgan Stanley, China Investment Corporation, or Glick Entities – to gain a controlling stake.

QIA and Brookfield went hostile last week in their attempt to take control of Songbird after putting their higher offer of 350p per share directly to shareholders. Songbird’s board believe the offer does not reflect the full value of the company.

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