QIA and Brookfield looking to persuade Songbird Estates shareholders CIC or Morgan Stanley to support takeover offer – report
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The Qatar Investment Authority (QIA) and Brookfield Property Partners are trying to persuade Songbird Estates shareholders China Investment Corporation (CIC) or Morgan Stanley to back their joint offer for the listed UK-based property company, The Sunday Times reported. QIA and Brookfield are thought to have made approaches to both CIC and Morgan Stanley as well as to Songbird’s third largest shareholder Simon Glick, the newspaper said, without citing a source for the claim.
Songbird’s board rejected QIA and Brookfield’s improved offer of GBP 2.6bn (EUR 3.30bn) last week, the item noted.
QIA owns a stake just short of 29% in Songbird, the item noted.
QIA and Brookfield have been informed that they must make representations to Songbird shareholders via its board, according to the report.
It is believed that both Glick and CIC were antagonized by QIA and Brookfield’s bid approach, the item said.
The report went on to cite a source close to Glick who said no UK real estate group would consider selling for a valuation below its net asset value. Songbird has valued itself at 381p, the article noted. QIA and Brookfield’s final offer values Songbird at 350p.
Songbird Estates’ share price closed 8p up at 338.0p in London on Friday, 5 December, valuing the company at GBP 2.50bn.
Sunday Times