(MENAFN) The owner of London's Canary Wharf financial district said that it has advised its investors to reject the USD4 billion takeover bid made by Qatar Investment Authority (QIA), along with its US investor Brookfield Property Partners, because the offer undervalued the company and its prospects, Gulf Daily News reported.
"The board remains unmoved in its view that the offer does not reflect the full value of the business, its unique operating platform and its prospects," Songbird independent chairman said.
Songbird said that the other major shareholders, New York-based investor Simon Glick, sovereign wealth fund China Investment Corporation and Morgan Stanley, which own more than 50 percent among them, are still evaluating the offer made by QIA, which itself owns 28.6 percent of Songbird.
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