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tough choice; Decision looms on whether to raise offer for Reckson.(Reckson Associates Realty Corp.)(SL Green realty corp.)
Crain's New York Business, November, 2006 by Satow, Julie
Byline: Julie Satow SL Green's tough choice sl green realty corp. faces a dilemma that it will have to resolve soon. If it increases its bid to acquire Reckson Associates Realty Corp., it risks angering shareholders by overpaying. If it walks away, it will give up the opportunity to become one of New York City's largest landlords.
Last week, billionaire investor Carl Icahn and real estate magnate Harry Macklowe offered $4.26 billion, or $49 a share, to acquire Uniondale, L.I.-based Reckson--a 13% premium over SL Green's Aug. 3 offer of $43.31 a share. News of the Icahn-Macklowe move broke last Thursday, less than a week before Reckson shareholders were scheduled to vote on the deal. The meeting was postponed on Friday. Reckson's stock reached a high of...
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