Songbird swoops for Canary Wharf developer

A long-running battle to gain control of Docklands developer Canary Wharf concluded tonight when a bid from consortium Songbird was accepted.

The offer – which values the property group at around £1.71bn (€2.5bn) – was declared unconditional in a statement to the London Stock Exchange.

Songbird, a consortium led by investment bank Morgan Stanley, emerged triumphant after receiving acceptances from 60.9% of Canary Wharf’s shareholders.

Support from at least 50% of shareholders was needed for the bid to succeed.

Songbird offered 295p per Canary Wharf share while rival CWG Acquisitions had proposed 275p per share.

Stephane Theuriau, a director of Songbird and Songbird Estates, said: “We are delighted that this saga is finally over and that the highest offer has prevailed.

“We look forward to managing the estate and optimising value.”

The fierce battle for control of Canary Wharf has left a considerable dent in the group’s balance sheet.

Announcing its interim results in March, Canary Wharf said it had spent £10.7m (€15.9m) on fees to banks advising on the takeover process in the final six months of 2003.