US property group Reckson rejects bid by Carl Icahn

0 Comments | AFP, December, 2006

PARIS (AFP) — US property group Reckson has rejected a takeover bid by financier Carl Icahn valuing it at 6.6 billion dollars (4.96 billion euros) and recommended shareholders to accept a previous offer from SL Green group. Reckson said in a statement that its board had decided that the proposal from Icahn's company, American Real Estate Partners, L.P.

(AREP), "raised significant financial and legal issues". The board had decided that "the proposal does not meet the standard set forth in the SL Green merger agreement to permit discussions" and had "reaffirmed its recommendation of Reckson's pending merger with SL Green". On Monday, Icahn made an offer worth 49 dollars per share, on the basis of one 1.0 billion dollars in cash and 3.3 billion dollars' worth of shares in his...