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 04/01/15View entire presentation