Songbird advises no action on bid

Canary Wharf owner Songbird Estates Plc has told shareholders to take no action on a Qatari-led $4bn (€3.28bn) takeover bid, reiterating that the 350p per share cash offer undervalued the company.

Qatar Investment Authority (QIA) and US investor Brookfield Property Partners LP earlier published their final offer document for the majority owner of the London financial district and Songbird said yesterday it would send a formal response in the next 14 days.

“The board believes that the offer from QIA and Brookfield does not reflect the full value of the company, its unique operating platform and future growth potential”, Songbird said in a statement, advising shareholders to do nothing until they receive Songbird’s official response.