The Qatar Investment Authority and Brookfield’s final £2.6bn bid to buy out Canary Wharf parent Songbird has been rebuffed by the group’s board.
A statement from Songbird said the revised 350p per share cash offer “does not reflect the full value of the company”.
It highlighted Sonbird’s revised valuation, published three weeks after QIA/Brookfield’s initial 295p bid, which put the company’s adjusted net asset value at 381p per share.
Songbird said the offer was too low because of the company’s “future potential for growth” and confired it would respond in detail to QIA, Brookfield and its shareholders with a detailed reasoning “in due course”.
Announcing their revised bid yesterday afternoon, QIA and Brookfield emphasised that 350p per share reflected a significant premium to Songbird’s triple net asset value, a fairer reflection of the company’s value in their view.
