Qatari bid for Canary Wharf gains another shareholder’s approval
10 Dec 2014
(MENAFN) Qatar Investment Authority said that another shareholder had said it will support its takeover of Songbird Estates, owner of the Canary Wharf financial district in London, thus bringing the total acceptances to nearly a third of the company’s free float, Arabian Business reported.
EMS Capital, which holds 3.2 percent of Songbird’s free float, or 0.7 percent of its total issued share capital, said that intends to accept the offer made by the authority, joining Madison International Realty and bringing the total value of the bid’s support from holders to approximately 31.6 percent of Songbird’s free float.
QIA and its bidding partner, US investor Brookfield Property Partners, made a direct bid to Songbird shareholders earlier this month, with an estimated value of USD4 billion for the offer, but Songbird has rejected the offer, resulting in QIA attempting a hostile takeover of the company.