LONDON (Reuters) - Songbird Estates (>> Songbird Estates plc) shareholder Madison International Realty plans to accept Qatar Investment Authority's (QIA) offer for the British property company, the sovereign wealth fund behind the hostile bid said.

The offer of 350 pence per share for the owner of London's Canary Wharf financial district was launched to Songbird shareholders by QIA and U.S. investor Brookfield Property Partners (>> Brookfield Property Partners LP) on Thursday.

The decision to go hostile followed Songbird's rejection of the 2.6 billion pound QIA/Brookfield bid, saying it did not reflect the full value of the company or its growth potential.

In a statement on Monday QIA said that Madison had written a letter to Songbird saying it intended to accept the offer before its closing date.

Madison holds a total of 18,627,054 Songbird shares, representing approximately 12 percent of Songbird's shares in free float and 2.5 percent of Songbird's issued ordinary share capital.

Taken together with backing from fellow shareholder Third Avenue Management, QIA has so far received public support from holders of about 28 percent of Songbird's free float, it said.

Shares in Songbird were up 0.6 percent in early deals on Monday, outperforming a 0.4 percent lower FTSE All Share index <.FTAS>.

(Editing by David Goodman)

By Simon Jessop

Stocks treated in this article : Songbird Estates plc, Brookfield Property Partners LP
Valeurs citées dans l'article : Songbird Estates plc, PARTNERS