The Qatari-Canadian consortium is upping the ante in its attempt to wrestle control of Canary Wharf in a £2.6 billion takeover bid.
In a document published yesterday the consortium, made up of the Qatari Investment Authority and Canada’s Brookfield Group, told shareholders that the estate’s tangled structure needs tidying up.
However it has said that it will retain current majority owner Songbird’s managers and will offer incentives to Sir George Iacobescu. Songbird is the current majority share-holder of Canary Wharf Group, which is chaired by Sir George, who is reportedly in line to earn £3m from the takeover.
The joint bidders stalking Songbird Estates — the majority owner of Canary Wharf Group — published an offer document yesterday detailing the full terms of their £3.50-a-share bid.
In it, Qatar Investment Authority and Brookfield Group, of Canada, reiterated that their offer provided “an attractive opportunity for Songbird shareholders to realise, in cash at a premium, their investment in a highly illiquid stock, which has not paid a dividend over the past five years”.
Songbird has advised shareholders that the bid does not reflect the full value of the estate.
