Qatar Investment Authority and Brookfield Partners will leave Canary Wharf's management unchanged if their £2.6bn bid for the group's majority owner Songbird Estates is successful, according to an official document released today.
The bidding partners said they were "supportive of the management's current business plan and wish to retain the existing management." They said they recognised chairman and chief executive officer Sir George Iacobescu and senior management's ability to create value over an extended period of time.
Today Songbird reiterated its earlier position stating the Qatari's offer of 350p per share undervalues the company.
David Pritchard, independent chairman of Songbird said:
The board of Songbird remains of the view that the offer from Qatar Investment Authority and Brookfield does not reflect the full value of the company, its unique operating platform and future growth potential.
The second bid which was made earlier this month came after its original offer of 295p per share was rejected.
The Qataris already own 28.6 per cent of Songbird, whose investment portfolio is worth £6.3bn. Meanwhile Brookfield has a 22 per cent stake in the Canary Wharf Group, after competing with Songbird to take control of the company in 2004.
Presently the pair's offer has backing from investors such as Third Avenue Management, Madison International Realty and EMS Capital, in total around 32 per cent of Songbird's shares, according to the document released today.