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Seeking Reckson redo; Investors grumble over low price of deal, but it's a coup for SL Green.(News)(SL Green Realty Corp wants to buy Reckson Associates Realty Corp.)
Crain's New York Business, August, 2006 by Satow, Julie
Byline: Julie Satow SL green realty corp.'s agreement earlier this month to purchase Reckson Associates Realty Corp. for $6.1 billion was a coup for the real estate investment trust, bringing its New York City holdings to 24.5 million square feet and making it one of the largest property owners in the city.
But the deal could yet be upended by a higher bid. Reckson shareholders are unhappy that the offer reflects a lower price per share than the level at which the stock was trading just before the deal was announced. They also question whether a provision under which executives of the Melville, L.I.-based company will buy back some suburban properties is a sweetheart deal. "The purchase price caught us by surprise, especially given that New York City real...
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