Canary Wharf investor backs Songbird bid

 
Kasmira Jefford
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Songbird controls the Canary Wharf estate
A MAJOR shareholder in Canary Wharf Group has written to the board of its controlling company, Songbird Estates, urging it to accept the takeover offer from its Qatari suitors.

US asset manager Franklin Mutual Advisers holds a seven per cent stake in the east London estate alongside Songbird which controls a 70 per cent interest.

It has written to Songbird’s directors this week calling on them to accept the raised 350p offer from Qatar Investment Authority and Brookfield, or find a better offer elsewhere.

Songbird declined to comment last night. It has rebuffed the bidders’ higher offer saying it “does not reflect full value”.

Songbird shareholders Third Avenue, Madison and EMS Capital have come out in support of the bid.

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