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Qatar Fund, Brookfield receive third support for Canary Wharf bid

Qatar Fund, Brookfield receive third support for Canary Wharf bid
Astatement released to the London Stock Exchange said that EMS Capital had sent a letter of intention to accept the bid in respect of a total of 4,997,050 Songbird shares, representing 0.7% of Songbird’s issued ordinary share capital.

EMS Capital’s backing adds to Third Avenue Management and Madison International Realty, who have both previously backed the bid, bringing the public support from shareholders to around 31.6% of Songbird’s free float.

Brookfield and the Qatar Investment Authority announced last Thursday that they had made a final cash offer for Songbird Estates of GBP3.50 per share, 18.6% higher than their previous
GBP295 per share approach in November.

Songbird later rebuffed the revised bid claiming 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".

However, the Qatari fund and Brookfield already hold significant stakes in Canary Wharf Group, the operator of the complex, or its parent, Songbird.

The Qatar Investment Authority has a 28.6% stake in Songbird, which acquired a controlling stake in the Canary Wharf Group in 2004 and delisted its shares. Songbird holds a 69.37% stake in Canary Wharf Group, while Brookfield has a 22.08% interest.