A Qatari-led consortium has won its long-running battle to acquire Songbird Estates' Canary Wharf complex in London, after the £2.6bn ($4bn) offer was accepted by three of its major shareholders.
Songbird maintained that the offer price undervalued its properties, but said that there are no rival bids to consider, so minority investors should accept the offer.
The company had advised its shareholders to reject the takeover proposal from Qatar Investment Authority (QIA) and US investor Brookfield Property Partners, earlier this month.
It said the 350p per share offer would not be accepted on the grounds that it undervalues the firm.
In November, QIA and Brookfield approached Songbird with a bid of 295p per share, which Songbird responded to by publishing an independent valuation with shares at 381p, based on the value of Canary Wharf's new office and residential developments pipeline.
In December, the partners presented the offer directly to Songbird shareholders.
According to Songbird, QIA aims to add Canary Wharf complex to its significant presence in London and will have to persuade the next three biggest shareholders.
Songbird told the BBC that the board had been in discussions with a number of parties 'with a view to achieving a higher offer'.
Brookfield Property Partners currently owns 22% of Canary Wharf Group.
The new financial district in London, Canary Wharf, is said to be home to several banks, including HSBC and Barclays.
Image: The Canary Wharf skyline in East London, UK. Photo: courtesy of Diliff.