The company that controls the landmark Canary Wharf building in London has rejected a 2.2 billion pounds ($3.5 billion) takeover approach from the Qatar Investment Authority and Bermuda-based property company Brookfield Property Partners.
Songbird Estates chairman David Pritchard says Friday the 295 pence-a-share offer "significantly undervalues" the company.
Songbird owns 69 percent of Canary Wharf Group, which has a number of prime addresses across London. The main tower in Canary Wharf is home to some of the world's biggest banks.
QIA has interests across London, including Harrods as well as a 29 percent stake in Songbird. Qatar is also behind the Shard skyscraper, London's new highest building, through a separate vehicle.
Songbird shares fell 0.2 percent Friday after surging nearly 23 percent the previous day on speculation of an offer.