Linklaters and Slaughter and May take lead as Canary Wharf owner urges investors to reject Qatari-led bid
Songbird Estates advises investors against £2.6bn QIA/Brookfield bid
January 13, 2015 at 06:42 PM
2 minute read
Slaughter and May and Linklaters are playing lead advisory roles as the owner of London's Canary Wharf financial district, Songbird Estates, has recommended its board reject a new Qatari-led bid worth £2.59bn.
The unsolicited cash offer of 350p per share by the Qatar Investment Authority (QIA) and North American investor Brookfield Property Partners "does not reflect the full value of the business, its unique operating platform and its prospects," Songbird's board said in a statement.
QIA, which already owns 29% of Songbird, originally lodged the offer in December. Shareholders now have until 29 January to make a final decision on the ownership of the renowned district, which houses law firms including Clifford Chance and Skadden Arps Slate Meagher & Flom in addition to numerous banks.
Slaughters is advising Songbird with a team led by corporate and commercial partners Roland Turnill and Rebecca Cousin, supported by associates Sally Wokes, Yvonne Lee, Srijanee Bhattacharyya and Felicity Trocme.
Linklaters is acting for Brookfield, led by real estate M&A team head Matthew Elliott and corporate partner William Buckley.
Elliot has worked on deals involving Brookfield before, advising Dubai World on the sale of UK logistics business Gazeley to the American investor in 2013.
Buckley was on hand in 2011 when shopping centre giant Westfield moved to sell £55m worth of assets in the north of England to Capital Shopping Centres, advising the buyers on that occasion.
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