LONDON: Madison International Realty shareholders Songbird Estates plans to accept Qatar Investment Authority’s (QIA) offer for the British property company.
Songbird has yet to formally reject the improved terms. The hostile move followed Songbird’s rejection of an initial 2.2 billion pound ($3.43 billion) approach, saying it did not reflect the full value of the company or its growth potential.
Further the offer of 350 pence per share for the owner of London’s Canary Wharf financial district was launched to Songbird shareholders by QIA and US investor Brookfield Property Partners on Thursday.
QIA said on Monday that Madison had written a letter to Songbird saying it intended to accept the offer before its closing date.
The Madison holds a total of 18,627,054 Songbird shares, representing approximately 12 percent of Songbird’s shares in free float and 2.5 percent of Songbird’s issued ordinary share capital.
Third Avenue Management taken together with backing from fellow shareholder QIA has so far received public support from holders of about 28 percent of Songbird’s free float.