Qatar Investment Authority and Brookfield plan to raise offer after initial approach rejected, according to report

Canary Wharf

The Qatar Investment Authority and Brookfield Property Partners are preparing to raise their offer to take over Songbird Estates, the investment group that owns Canary Wharf Group, after their initial approach was immediately rejected on Friday.

The bidders are expected to increase their offer from the £2.2bn offer at 295p a share for Songbird that was made public on Thursday.

It was immediately rejected by Songbird’s board, whose chairman David Pritchard said it “significantly” undervalued the company.

The Qatar Investment Authority already owns 28.6% of ordinary shares in Songbird Estates.