Eight board members of Songbird Estates has flown the nest after a successful takeover bid by Qatar and Canadian investor Brookfield Property Partners. They will be replaced by three execs joining from one of its prospective majority owners.
The board, led by independent chairman David Pritchard, resisted the takeover during a bitter three-month battle for the Canary Wharf financial district, saying it undervalued the company.
But they caved in around two weeks ago, when three major shareholders Glick, China Investment Corporation and a fund managed by Morgan Stanley said they would accept the 350 pence per share offer valuing it at £2.6bn.
The board members who have resigned with immediate effect include Pritchard and seven non-execs. They are John Botts, Peter Harned, Jonathan Lane, Sam Levinson, Alex Midgen, Brian Niles and David P. O'Connor.
Richard Byron Clark, the chief executive of Brookfield Property Partners; Jon Steven Haick, chief executive of Brookfield Europe; and Brian William Kingston, president and chief investment officer of Brookfield’s global real estate group will be joining.