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Qatari Investment authority has just successfully won a bid for Canary Wharf, a renowned business district in London. The area is distinct for its congregation of banks and massive floor plates. Many were surprised that the bid of 350p per share was accepted as Songbird has previously demanded at least 400p plus per share.
Songbirds’ original reaction to the bid was that it did not believe it reflected the full value of the company. Many people agree with this, which is why it was such a shock when the bid was accepted.
This bid values the company at £2.6 billion and was accepted by over 90% of shareholders. QIA plea to the shareholders to accept their bid was through pointing out that even though Songbird was a highly liquid stock, it had not paid out dividends in over five years.
Teresa Beatty, surveyor at Morgan Pryce commented “This bid has just proved that it is only worth what someone is willing to pay for it, in saying that it is still a shock to many in the property industry that this bid was accepted”.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.