It said the £2.6bn offer from Qatar Investment Authority and Brookfield Property Partners undervalued Songbird, reflecting a discount of 8.1% to the firm’s adjusted NAV on 27 November.
Shareholders have until 29 January to decide on the offer.
Independent chairman David Pritchard said: “The offer gives no value for the group’s potential to earn development profits and fails to take into account the value for its control of the estate.”
