London's Canary Wharf complex owner Songbird Estates has advised its shareholders to reject a £2.59bn takeover bid from Qatar Investment Authority (QIA) and US investor Brookfield Property Partners.
The company said that it will not accept the 350p per share offer on the grounds that it undervalues the firm.
Songbird Estates is thought to own 69% of Canary Wharf Group.
The company's shareholders will have until 29 January to respond to the offer.
According to Songbird, QIA, which owns 29% of Songbird, aims to add Canary Wharf complex to its already significant presence in London and will have to persuade the next three biggest shareholders.
Shareholders, including New York-based Simon Glick, sovereign wealth fund China Investment and Morgan Stanley, hold more than 50% between them and are in the process of assessing the offer.
The move is claimed to be the latest in a series of offers from QIA.
Songbird Estates chairman David Pritchard told BBC: "The board remains unmoved in its view that the offer does not reflect the full value of the business, its unique operating platform and its prospects."
The new financial district in London, Canary Wharf, is home to several banks, including HSBC and Barclays.
The renewed offer was tabled by Qataris and Brookfield at the beginning of December.
Image: The Canary Wharf skyline in East London, UK. Photo: courtesy of Diliff.