Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, December 30, 2014

Songbird tells shareholders to take no action on $4 billion bid, (NYSE: BPY)

Canary Wharf owner Songbird Estates Plc has told shareholders to take no action on a Qatari-led $4 billion takeover bid, reiterating that the 350 pence per share cash offer undervalued the company.Qatar Investment Authority (QIA) and U.S. investor Brookfield Property Partners LP earlier published their final offer document for the majority owner of the London financial district and Songbird said on Tuesday it would send a formal response within the next 14 days."The board believes that the offer from QIA and Brookfield does not reflect the full value of the company, its unique operating platform and future growth potential," Songbird said in a statement, advising shareholders to do nothing until they receive Songbird's official response.Songbird shares were down 1 percent at 317p by 1507 GMT, a near 10 percent discount to the offer that showed investor scepticism it will go through.

Brookfield Property Partners L.P. is a commercial real estate owner, operator and investor operating globally. Shares of BPY traded higher by 0.51% or $0.12/share to $23.43. In the past year, the shares have traded as low as $18.19 and as high as $23.94. On average, 244011 shares of BPY exchange hands on a given day and today's volume is recorded at 4081.