Songbird swansong offers clarity for Canary Wharf at cheap price - FT.com:
"Brookfield has settled an old score by winning the £2.6bn bid battle for Songbird, owner of Canary Wharf. In 2004, the Canadian property group was bested by investor Simon Glick and Morgan Stanley in the opening match. Its triumph in the rematch, thanks to an alliance with the Qatar Investment Authority, is a testament to its staying power. Paul Reichmann would surely have approved. He was the driving force that defied pessimists to create the development in the 1980s.
The prize is glittering: ownership of a financial hub whose skyscrapers are visible from any high point in London. With 85 per cent of the shares in the bag, the partners only need acceptances from another 5 per cent to buy out the balance and delist Songbird. They may then amalgamate the business with Canary Wharf, the estate developer in which it holds a majority stake.
The fight has been acrimonious. The board of Songbird poured scorn on a final offer of 350p per share, mustering a 381p valuation of net assets per share. Brookfield, for its part, questioned the independence of board adviser Alex Midgen, a Songbird non-executive appointed by the Glicks."
'via Blog this'
No comments:
Post a Comment