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.

The fierce battle for control of London Docklands developer Canary Wharf cost the group £10.7m (€15.8m) in the final six months of 2003, it emerged today.

DIRECTORS at Canary Wharf Group, the builder of London’s second financial district, are moving closer to reaching a decision on whether to sell the company.