Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Songbird major shareholders accept Qatari-led takeover bid

Songbird Estates’ major shareholders have accepted a £2.6bn takeover bid by Qatar Investment Authority and Brookfield Partners.

QIA and Brookfield have won the support of all three of the Canary Wharf Group owner’s major shareholders.

China Investment Corporation, Simon Glick, and Morgan Stanley have all now backed the bid.

This means QIA and Brookfield would hold at least around 85.60 per cent of the Songbird shares.

As a result, the Songbird board has recommended its minority shareholders accept the bid.

The news follows a drawn out battle for control of the company between the Songbird board and firms QIA and Brookfield.

The pair’s offer of £3.50 per share was rejected by the board earlier this month, as they said it “materially undervalued” the company.

This followed a previous offer of £2.95 per share for the company, which the board “unanimously” rejected.

Following the initial rejection, Songbird estimated the business was worth £2.8bn on a net asset value basis.

The Songbird board said this week it still believed the offer the under value the group.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.