LONDON, Dec 8 (Reuters) - The Qatar Investment Authority (QIA) said on Monday that Songbird Estates shareholder Madison International Realty said it plans to accept the sovereign wealth fund’s hostile offer for the UK property firm.
The 350-pence-a-share offer for the owner of London’s Canary Wharf financial district was launched to Songbird shareholders by the QIA and U.S. investor Brookfield Property Partners on Thursday.
Madison holds a total of 18,627,054 Songbird shares, representing approximately 12 percent of Songbird’s shares in free float and 2.5 of Songbird’s issued ordinary share capital.
Taken together with backing from fellow shareholder Third Avenue Management, the 2.6 billion pounds ($4.04 billion) QIA/Brookfield bid has so far received public support from holders of about 28 percent of Songbird’s free float, a statement by QIA said on Monday. ($1 = 0.6431 pounds) (Reporting by Simon Jessop, editing by Louise Heavens)