The board of Songbird Estates, the developer of London's Canary Wharf, said its three largest shareholders have indicated they will accept a ￡2.6bn takeover offer from Qatar Investment Authority (QIA) and Brookfield Property Partners.
The three largest shareholders in Songbird, excluding the QIA, but including Glick Shareholder and China Investment Corporation, are understood to be willing to accept the bid, Songbird said on Wednesday.
Although Songbird's board again insisted the offer from Brookfield and QIA undervalues the company - whose chief asset is the financial district developed in the east of London - it warned minority shareholders that, should the three largest investors accept, it hands the suitors support of the majority of investors.