Songbird Estates, the majority owner of Canary Wharf financial district in London's Docklands, has pleaded with investors to sit tight after a consortium bidding to buy it went hostile with a £2.6bn offer and published details of the bid.
Songbird, which owns 69% of Canary Wharf Group, urged shareholders to take no action on the move by the Qatar Investment Authority (QIA) and Brookfield Property Partners until the company had sent them a circular outlining its own detailed response to the bid.
QIA, which owns 28% of Songbird, and Canadian investment firm Brookfield, which owns 22% of Canary Wharf Group, made a joint 350p per share final bid for Songbird on 4 December.
Earlier on Tuesday, QIA and Brookfield issued a statement saying they had published the full details of their offer and the procedures for accepting it.
They are understood to have received backing from 6.7% of all shareholders and a letter of support from investor Franklin Mutual Advisers, which holds a stake of about 7% in Canary Wharf Group.
Brookfield chief executive Ric Clark said: "The offer document posted today provides detail on the terms of our offer.
"In partnership with QIA, we are providing an attractive opportunity for Songbird shareholders to realise at an attractive premium in cash their investment in Songbird: a highly illiquid stock which has not paid a dividend over the past five years, and as Canary Wharf Group embarks on an ambitious development programme that will alter its risk profile.
"We and QIA are pleased with the level of shareholder support we have already received and hope those investors still considering their position will recognise the value in our offer and accept it as soon as possible."
Songbird's independent chairman David Pritchard said: "With the start of four separate development projects delivering 22 buildings over the next five years, an overall development pipeline of more than 11m sq ft and a world class management team, we believe Songbird and Canary Wharf Group have an exciting future.
"The board of Songbird remains of the view that the offer from QIA and Brookfield does not reflect the full value of the company, its unique operating platform and future growth potential."
Shares in Songbird fell 5.5p or 1.7% to 315p at 15:41 in London.