Further to the announcement regarding the proposal from Qatar Investment Authority (“QIA”) and Brookfield Property Partners L.P. (“Brookfield”) of a possible offer for Songbird at a price of £295 (€375) per share in cash, the Board of Songbird has reviewed the proposal with its advisers and has unanimously concluded to reject the proposal on the grounds that it materially undervalues Songbird.
David Pritchard, the Independent Chairman of Songbird said: "This proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets. The group has an exceptional management team with a clear vision to deliver additional shareholder value, including from our 11 million ft² (1 million m²) development pipeline, the largest in London."
This announcement has not been made with the consent of QIA and/or Brookfield and there can be no certainty an offer will be made nor as to the terms on which any offer will be made.
Source: Canary Wharf Group