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Canary Wharf owner Songbird rejects Qatar fund approach

Reuters - UK Focus

LONDON, Nov 7 (Reuters) - Songbird Estates, the majority owner of London's Canary wharf, has rejected a takeover approach from Qatar Investment Authority and Brookfield Property Partners (Other OTC: PGPHF - news) , saying the 295 pence-a-share bid "materially undervalued" Songbird.

"This proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets," independent chairman David Pritchard said on Friday.

The QIA already owns 28.6 percent of Songbird, while U.S.-based Brookfield, which operates and invests in office and industrial property, has a 22 percent stake in Canary Wharf Group.

Songbird's shares surged more than 22 percent to 320 pence, their highest closing price for six years, putting the value of the group at around 2.3 billion pounds ($3.64 billion) after the approach was made public on Thursday. (1 US dollar = 0.6316 British pound) (Reporting by Paul Sandle; editing by James Davey)