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Qatar Says Holders Of 32% Of Songbird’s Free Float Support Bid

Qatar Says Holders Of 32% Of Songbird’s Free Float Support Bid

Songbird’s management earlier this month said an offer from Qatar undervalued the London based-developer.

Songbird Estates Plc investors holding about 32 per cent of the company’s publicly traded shares support a takeover bid by Qatar Investment Authority and Brookfield Property Partners LP.

Investors owning the remaining stock have until Jan. 29 to decide whether to accept a 350 pence-a-share bid, according to an offer document published by Qatar and Brookfield today. Those who back the bid equal 6.7 per cent of Songbird’s ordinary share capital, according to the statement.

Songbird’s management earlier this month said the offer undervalues the London based-developer. On Dec. 8, the bidders said investors owning about 28 per cent of the publicly traded shares supported the offer.

The Qatar sovereign wealth fund is Songbird’s biggest shareholder with 28.6 per cent of the stock, according to a company fact sheet.

“We are providing an attractive opportunity for Songbird shareholders to realize at an attractive premium in cash their investment in Songbird: a highly illiquid stock which has not paid a dividend over the past five years,” Brookfield Chief Executive Officer Ric Clark said in the offer document.

Songbird’s biggest owners as of Sept. 18 were Glick Entities with about 26 per cent of the shares, China Investment Corp. with 15.8 per cent and Morgan Stanley with 8.5 per cent.

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