QIA and Brookfield yesterday increased their initial offer for Songbird Estates plc, parent company of Canary Wharf Group, from 295p per share to 350p. It was again turned down by the board.
“The board believes the offer from QIA and Brookfield does not reflect the full value of the company, its unique position and future growth potential,” Songbird said.
Songbird directors recently revalued their business. The bidders say that the adjusted net asset value was 304 pence per share, and so their new offer represents a 15% premium on that and more than 40% above the 247p average share prices over the past six months. However, Songbird said that the revaluation made the business now worth 381p per share.
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