Canary Wharf owner Songbird to rebuff Qatari bidders again

 
Kasmira Jefford
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The Qatar Investment Authority needs to win the backing from 50pc of shareholders for the offer to be accepted (Source: Getty)
Canary Wharf owner Songbird Estates is expected to dash the Qatari sovereign wealth fund’s ownership hopes this week by issuing a firm rejection of the suitor’s £2.6bn offer.

The Qatar Investment Authority, which has made the offer alongside Canadian firm Brookfield, already owns 28.6 per cent in Songbird but needs to win the backing from 50 per cent of shareholders for the offer to be accepted. Songbird believes the offer undervalues the company.

So far, only Third Avenue Management, EMS Capital and Madison International, who together own a third of the free float, have come out in support of the bid.

The major shareholders China Investment Corporation, Morgan Stanley and Glick Enterprises have yet to speak out in favour of the offer. They have until 29 January to respond to the offer. If the bid is rejected, QIA and Brookfield will have to walk away for 12 months.

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