Bank of America Investment Banking Pitch Book slide image

Bank of America Investment Banking Pitch Book

QIA and Brookfield's Acquisition of Songbird which owned 69% of Canary Wharf Chronology of Events (1) November 6, 2014- Initial Offer (295 pence per share) * 295 pence per share initial offer from Qatar and Brookfield Songbird owned 69% of Canary Wharf; Qatar owned 28% of Songbird * Nov 7: Songbird rejects offer 2 November 25, 2014 - 2nd Offer * Brookfield / Qatar expressed willingness to offer 325 - 330 pence per share 3 December 4, 2014-3nd and Final Proposal (350 pence per share) * Brookfield /Qatar increased offer to 350 pence per share * If accepted, Brookfield and Qatar would make offer for additional 31% of Canary Wharf shares at equivalent price • Offer rejected 4 December 8, 2014 - Madison Accepts Offer * Madison International indicates that it plans to accept Brookfield's takeover offer * Madison held 12% of free float and 2.5% of total shares outstanding 5 December 10, 2014 - EMS Capital Accepts Offer * EMS Capital indicates that it plans to accept QJA / Brookfield's takeover offer * EMS Capital held 3.2% of free float and 0.7% of total shares outstanding Source: FoctSet, public filings and press releases. 30 (6) December 30, 2014 - Franklin Mutual encourages Songbird to Accept * Franklin Mutual Advisers encourages Songbird to accept QIA/Brookfield proposal * Franklin Mutual held 7% shares outstanding Songbird reiterated objections January 12, 2015 - Songbird's Board Rejects Songbird board reiterates objections • 8) January 28, 2015 - Offer Accepted (350 pence per share) * Songbird's major shareholders indicate intention to accept 350 pence per share April 20, 2015 - Transaction Closed Brookfield / QIA closed acquisition of Songbird/Canary Wharf Historical Stock Price Performance € 3.80 Preliminary, Subject to Further Review and Revision Bank of America Merrill Lynch 3.40 3.00 2.60 2.20 10/01/14 (8) when 11/03/14 12/01/14 01/01/15 02/02/15 03/02/15 04/01/15
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