Posted on December 06, 2014

Qatar Investment Authority and Brookfield Property Partners upped their bid for Canary Wharf-owner Songbird Estates, just hours before a deadline for revised bids, with an offer that values the company at 2.6 billion pounds ($4.1 billion), said Qatar Tribune. The cash offer of 350 pence per share, is at a 33.6 percent premium to the closing price of Songbird, which owns an almost 70 percent stake in Canary Wharf Group, on November 5, the day before the initial approach. 

Songbird turned down a 2.2 billion-pound takeover proposal from the pair last month, saying it significantly undervalued the group. Last week Songbird said it was worth 2.82 billion pounds thanks to an upturn in property markets. The QIA already owns 28.6 percent of Songbird, while Brookfield, which operates and invests in office and industrial property, has a 22 percent stake in Canary Wharf Group. Songbird's other major shareholders include New York-based investor Simon Glick, who has almost 26 percent, and China's sovereign wealth fund, which owns 15.8 percent.

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