Qatar Investment Authority and Brookfield’s £2.6bn takeover offer for Songbird Estates has been declared wholly unconditional and the bidding pair have made a recommended cash offer for Canary Wharf Group.
The bidders are now expected to begin the process of delisting the group, following the three month bitterly fought battle for control of one of Europe’s prime property portfolios.
Last month’s news that Songbird’s major shareholders China Investment Corporation, Simon Glick and Morgan Stanley had all backed the bid shocked the market after Songbird, which owns almost 70% of CWG, recommended investors reject the bid.
No comments yet