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Qatar Investment Authority and Brookfield Property Partners offer rejected by Songbird Estates

Songbird Estates has rejected a joint takeover bid by Qatar Investment Authority and Brookfield Property Partners, it confirmed today. The offer of 295 pence per share in cash was unanimously rejected by Songbird on the grounds that it ‘materially undervalues’ the company.

David Pritchard, the Independent Chairman of Songbird said: "This proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets. The group has an exceptional management team with a clear vision to deliver additional shareholder value, including from our 11 million square foot development pipeline, the largest in London."

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