Slaughter and May and Linklaters are playing lead advisory roles as the owner of London’s Canary Wharf financial district, Songbird Estates, has recommended its board reject a new Qatari-led bid worth £2.59bn.

The unsolicited cash offer of 350p per share by the Qatar Investment Authority (QIA) and North American investor Brookfield Property Partners “does not reflect the full value of the business, its unique operating platform and its prospects,” Songbird’s board said in a statement.